Buffalo Sabres Not Leaving KeyBank Center, Signs New 5 Year Extension

The current lease at KeyBank Center for the Buffalo Sabres has been extended through September 2031. This wasn’t exactly a nail-biter of a decision; under their agreement with Erie County, the Sabres had two choices: either continue the lease for another five years or pack their bags on September 30. Given the alternative was… well, let’s not even think about it, this was the only logical play.

Comments From Sabres COO

Sabres COO Pete Guelli, a man who knows a thing or two about downtown arenas from his time with the Charlotte Hornets, championed the decision. “The Pegula family continues to invest in our city, and there is no greater vehicle for growth than KeyBank Center,” Guelli said.

He’s not wrong. The building is more than just a place to watch frustrating hockey; it’s a downtown anchor. Guelli’s ambition is to turn the arena into a non-stop entertainment hub, bumping the event count from a respectable 140 to a bustling 200 annually. Think more concerts, more comedy, more family shows—basically, anything to get people into the Cobblestone District and spending money.

What Does This Five-Year Extension Really Mean?

This 5 year extension buys everyone time. It gives the Sabres and Erie County a comfortable window to figure out a long-term plan for the arena without the pressure of a looming deadline. Negotiations for a major renovation or, dare we say, a new building, can be complicated and messy. This extension provides the stability needed to have those serious conversations. The successful public-private partnership on the new Highmark Stadium for the Bills has already laid a pretty solid foundation for these talks, so at least they aren’t starting from scratch.

The Financial Stakes of KeyBank Center

In case you were wondering if this building actually matters to the local economy, the numbers don’t lie. A study by consulting firm Tripp Umbach, highlighted by owner Terry Pegula, determined that KeyBank Center pumped a staggering $694.2 million into the Western New York economy in 2023 alone. KeyBank Center supported over 3,800 jobs and generated $48.6 million in taxes. So yes, keeping the lights on and the events rolling is a pretty big deal for more than just hockey fans. “This arena is a cornerstone of the economy in Western New York,” Pegula stated, and he’s got the receipts to prove it.

Recent Upgrades and the Path Forward

The Pegulas have already been privately funding some much-needed TLC for the nearly 30-year-old building. Last season saw the installation of a massive new videoboard and a brand-new roof—an expense the county would have otherwise had to cover. This season, fans can look forward to a multimillion-dollar audio system, because nothing says “hockey night” like feeling the goal horn reverberate through your bones. New security and concessions tech are also on the way to streamline the fan experience.

This five-year lease continuation is the sensible, if not thrilling, move. It ensures the Sabres stay put, the downtown economy keeps humming, and everyone involved gets the breathing room they need to map out the future. So, for the next few years, fans can continue to flock to the familiar confines of KeyBank Center, hoping this is the season the team finally puts it all together. The long-term fate of the arena is still up in the air, but for now, the show goes on.