Buffalo Bills fan "Preservation" fund idea attracting attention
The Buffalo Franchise Preservation Fund got its public kickoff in Sunday's edition of The Buffalo News.
Today's News follows up with a report that initial reaction to the idea among fans is positive.
The goal of the project is to raise between $100 million and $170 million for a fund that would be offered interest free to someone buying the Bills and keeping the team here. It also could be used by the current Bills ownership toward stadium renovations or even a new stadium.
It's a promising idea if the fund organizers can demonstrate the proper safeguards to investors. Just how the NFL would view the idea is uncertain.
Here's an example of how it would work: Let's say the Bills were to be sold for $870 million. The new buyers could put up $470 million, borrow another $300 million at market interest rates and use the remaining $100 million, at no interest, through the fans' fund. The $100 million might be repaid over 20 years, but to the fund, not the individual donors. The idea is to get a huge number of donors to contribute $250 for a "share" ... or perhaps a lower amount. In return for the "loan," the team owners would have to guarantee keeping the Bills in Buffalo for a specified period of time. Such a plan could save a new owner anywhere from $7.5 million to $12.8 million a year, plan organizers say.
The fund is not yet set up. The organizers hope to have the fund up and running within a year.
The organizers' website is www.buffalofanalliance.org
And links to the stories: