The Buffalo Sabres are continuing their current lease at KeyBank Center through September 2031, the team announced Saturday.
Under the terms of their agreement with Erie County, the Sabres had the option to either continue their lease for an additional five years or opt out on Sept. 30.
“The Pegula family continues to invest in our city, and there is no greater vehicle for growth than KeyBank Center,” Sabres COO Pete Guelli said. “The next five years give us a chance to discuss a long-term plan for the arena that benefits both the Sabres and Western New York.”
The Sabres previously announced a 10-year arena naming rights extension with KeyBank on July 30, during which owner and CEO Terry Pegula outlined a study conducted by consulting firm Tripp Umbach which detailed the building’s economic impact.
The study determined that KeyBank Center had a $694.2 million economic impact in 2023, creating jobs for 3,822 people and generating $48.6 million in taxes.
“This arena is a cornerstone of the economy in Western New York,” Pegula said.
Guelli has been vocal in his belief in KeyBank Center as a driver of downtown development since his appointment as Sabres COO in 2024. The Rochester native previously served as COO of the NBA’s Charlotte Hornets, where he helped oversee an increase in programming at Spectrum Center, the team’s downtown arena.
KeyBank Center has hosted approximately 140 events in the past year – up from a typical average of roughly 120 events per year – with the goal to increase that number to 200 events annually. The organization is targeting a breadth of entertainment acts – including various music genres, comedians, and family-friendly programming – to attract an array of audiences to the Cobblestone District.
Last season, Pegula privately funded the installation of a new videoboard and a new roof for the arena – the latter of which would have otherwise been a county expense, county executive Mark Poloncarz said.
Arena improvements for this season include a new, multi-million-dollar audio system along with new security and concessions technologies.
The organization is in the early stages of establishing a long-term plan for the arena, which would include both the next phase of a lease agreement and additional renovations. The foundation for those talks is already in place following a successful public-private partnership with Erie County on the construction of the new Highmark Stadium.
“We are excited to continue our mission to increase programming at KeyBank Center and fulfill the arena’s promise as an economic driver in Downtown Buffalo,” Guelli said.
