The Buffalo Bills are bringing in big money by selling personal seat licenses.
The significant uptick in PSL sales for the new stadium has brought the team more than $207 million in revenue, according to the latest report submitted to the state by the team.
With more than 20,000 seats left to sell as of July, it could mean plenty of additional revenue that could be raised to help fund the team's portion of the more than $2 billion stadium in Orchard Park, which the team says is now 70% complete.
Highmark Stadium Construction
An overall as construction continues on the new Highmark Stadium home of the Buffalo Bills on Thursday, Aug. 21, 2025. Harry Scull Jr./Buffalo News
The Bills previously projected they would bring in $225 million in net PSL revenue, but that number could climb even further as the team continues to see high demand in selling the remainder of the over 54,000 seats that will require a seat license.
By the end of June, the Bills had sold around 33,500 PSLs in the 60,000-plus seat stadium, and since then, that number has risen by over 9,000 seat licenses, the team said. Around 80% of the season tickets in the new stadium have now been sold.
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Selling seat licenses has become a major part of the NFL landscape and an essential part of funding what’s become billion-dollar stadium construction projects, in part, because PSL proceeds do not have to be shared leaguewide, as game ticket sale revenue does.
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“We’re confident that we’ll get to and surpass our projections,” said Pete Guelli, chief operating officer and executive vice president of the Bills.
“The demand has been exceptional, and it hasn’t slowed down at all as we’re moving through the final list of current season ticket holders and then getting to the waiting list.”
PSLs will be required for every season ticket holder planning to buy tickets at the new stadium, which is being built with $850 million in public funds from the state and county.
But the team's funding deal with the county and state made the Pegulas responsible for any cost increases, and those costs have soared, meaning owner Terry Pegula and his family are bearing a much bigger share of the project’s cost.
With the original $1.35 billion cost estimate for the new stadium, the public funding would have accounted for about 63% of the stadium cost. Now, with the price rising to at least $2.1 billion, the public funding covers about 40%.
The difference is significant for Pegula. His share of the project costs have gone up from around $500 million to approximately $1.25 billion, which makes the sale of seat licenses even more important for the billionaire owner.
Highmark Stadium Construction
Construction continues on the exterior on the new Highmark Stadium home of the Buffalo Bills on Thursday, Aug. 21, 2025. Harry Scull Jr./Buffalo News
With over 20,000 PSLs still to sell as of the end of June, the Bills proceeds could grow by tens of millions. That still represents only a fraction of Pegula’s total investment in the stadium.
However, many of the higher-priced PSLs in the club seats and first level sections have already been sold, which could minimize how much is still to be made on seat licenses for the team.
Although there was some sticker shock expressed by fans when club seats ranged from $8,000 to $50,000 per PSL at the new stadium, and some of the higher-end, lower-level seats were going for between $5,000 to $10,000 for a PSL, price points have gone down as the Bills began selling seats in the corner and end zones of the lower level and in the 300 and 400 levels.
In the 400s, PSL prices started at $2,500 for seats closest to the 50-yard line and have gradually gone down as the team has gotten around the bowl.
The stadium’s 6,162 club seats and suite inventory of 1,755 seats are all sold out. There is a smattering of seats still available at just about every price point, but the most reasonably priced PSLs are going quickly, Guelli said.
The Bills' new stadium will have 60,108 seats, and about 54,628 will require a PSL. The $750 PSL in the end zone of the 400s will be the final and lowest price point to be released by the team.
Of the team’s net PSL revenue of over $207 million, more than $44.5 million was brought in between April and June as the Bills sold over 14,500 seat licenses in that span. That far eclipses any prior quarterly sales since the process began in March 2024.
Harry Scull Jr.
The Bills, who have been offering payment plans for new stadium seat license purchasers, have collected nearly $95 million of the net PSL proceeds, including over $24.6 million of that during this latest quarter.
Other teams have benefited greatly from the sale of seat licenses, with over half of the league’s teams now having used them for new or renovated stadiums.
But the Bills have always said that they would have some of the most reasonably priced PSLs of any team in the league, given that the franchise is in the second smallest market in the NFL and does not have as many deep-pocketed corporate clients to sell tickets to.
Legends, which is heavily involved in various aspects of the new stadium, is running the sale of PSLs for the Bills.
Legends has done the same at a number of the most recent new NFL stadiums, including raising around $550 million at the Las Vegas Raiders’ $1.9 billion Allegiant Stadium by charging between $500 and $75,000 per PSL. The stadium opened in 2020.
The Bills followed Legends’ recommendation to start with the most expensive PSLs before moving onto the general reserved seating, but Guelli has said all along there would be PSL price points that fit every fan.
About 80% of PSLs in new Buffalo Bills stadium have sold; sellout by end of year within reach
During the second quarter of the year, the Buffalo Bills sold more than 14,500 personal seat licenses, far eclipsing any prior quarterly sales. Tack on more than 9,000 PSL sales since the start of the current quarter on July 1, and the team has now sold over 80% of its available seat inventory in the over 60,000-seat stadium.
Early on, PSLs were selling at around a 60% rate and now that’s up to close to 70% as seat license prices continue to go down with more sales shifting to non-premium seats.
Teams focus on PSL sales because all that money can be kept by the team and used toward stadium construction costs. Meanwhile, ticket revenue, which will increase significantly because of the higher prices that will be charged for many seats in the new stadium, is split on a 60/40 basis with the visiting team, as required by NFL rules.
Pegula has sold a minority share of over 20% of the team to private equity firm Arctos Partners and other investors, which may have fetched him around $1 billion with the team now being valued at almost $6 billion.
The Bills have also received about $200 million from the NFL through the league’s G-4 loan program, with most of the loan being paid back through the visiting team’s share of certain ticket revenue.
The NFL has moved on to create a G-5 loan program, but whether the Bills can tap into that money source is unknown. Guelli previously said “there are (other NFL) vehicles that teams can benefit from,” but did not elaborate further on the team’s eligibility for them.
The new stadium also projects to bring in substantial additional and new revenue, with ticket prices nearly doubling for some seats in the new stadium and other opportunities for increased and higher-priced sales and partnerships.
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