Critics question the use of public funds for sports facility construction, while loyal fans of the team show support by purchasing bonds.
Growing up as a Bills fan in the 1970s, Bill Fitzgibbons has always had a strong connection to the team and western New York. Despite living outside the area for the past 37 years, he has remained loyal to the Bills. When Erie County started selling unique bonds to finance the construction of the team’s new stadium, Fitzgibbons saw an opportunity to stay connected to his roots. He purchased $11,000 worth of 25-year bonds, which would help the county pay for its share of the stadium construction. While the bonds did not grant him ownership in the team or the stadium, they offered a 5.25 percent return, free of federal tax.
For Fitzgibbons, investing in these bonds was more than just a financial decision. It was a way to maintain his ties to the Bills and western New York. He believes that the Bills are an integral part of the region’s identity, along with chicken wings, the weather, and Niagara Falls. Despite living far from his hometown, Fitzgibbons’s love for the Bills remains strong, and the bonds provided him with a tangible connection to his past.
Municipal bonds may not be the most exciting investment option, but they play a crucial role in financing local government projects. Erie County issues around $40 million in AA-rated bonds annually to fund infrastructure projects like sewers and roads. In October, the county issued $125 million in bonds to cover its portion of the funding for the Bills’ new $1.7 billion stadium in Orchard Park, a suburb of Buffalo.
Kevin Hardwick, the Erie County comptroller, recognized the passion of Bills fans and saw an opportunity to involve them in the stadium financing. While fans could not become actual owners of the team like shareholders of the Green Bay Packers, who own essentially worthless stock, they could show their loyalty and make a sound investment by purchasing these bonds. Hardwick believed that Bills fans, known for their unwavering support, would appreciate the chance to be part of the stadium project through bond ownership.
In conclusion, investing in municipal bonds to support local government projects, such as the construction of sports stadiums, can be a meaningful way for fans to show their loyalty to their favorite teams and regions. For fans like Bill Fitzgibbons, purchasing bonds to help finance the Bills’ new stadium was not just a financial decision but a way to stay connected to his roots and the team that holds a special place in his heart.
Source: The NY Times
