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NFL approves Bills' 10-year, $271M lease

The NFL has approved the terms and conditions of the Buffalo Bills' recently negotiated 10-year, $271 million lease that includes significant upgrades to Ralph Wilson Stadium.

Ralph Wilson stadium to get renovations

A new lease agreement for Ralph Wilson Stadium is expected to include millions of dollars in renovations to the nearly 40-year-old facility. (Tom Szczerbowski/Getty Images)

The NFL has approved the terms and conditions of the Buffalo Bills' recently negotiated 10-year, $271 million lease that includes significant upgrades to Ralph Wilson Stadium.

The approval was granted by NFL owners at league meetings held in Phoenix on Monday, and announced by Bills president Russ Brandon.

Brandon called the decision "another important step" in the process to allow $130 million in stadium renovations to begin this year. The final step is for the lease to be approved by New York State and Erie County governments, which Brandon anticipates will come within a few weeks.

The Bills reached a deal in principle with Gov. Andrew Cuomo and County Executive Mark Poloncarz in December.

State and county taxpayers would be on the hook for $226.8 million over the 10-year period.