Buffalo Bills owner Terry Pegula says he’s not in a hurry when it comes to building a new stadium for his NFL franchise. “It’s nothing urgent right now,” Pegula said on Thursday morning.

Pegula was asked for an update on a new stadium during the “Power Breakfast” event put on by Business First focusing on sports.

NFL commissioner Roger Goodell has made it clear that a new stadium in Buffalo is necessary long term for the Bills. Terry Pegula acknowledged that need when he purchased the team with his wife Kim in 2014 but said Thursday he has time. Pegula pointed to the $130 million in renovations to the Bills current home Ralph Wilson Stadium, which were completed last year.

“The state and county, there’s been a lot of money put into Ralph Wilson Stadium,” said Pegula. “We’re in no hurry. We’ve realized if that work was just done, how foolish would you look if you start looking around at a new stadium if we just renovated the one we have? We have time. We have an existing lease in the current stadium.”

The Bills current lease at Ralph Wilson Stadium runs through 2022.

Pegula was also asked about a naming rights deal for the stadium. “Ralph Wilson owned the Bills for so long and his name on the stadium to me is a special thing. I have a hard time answering that question,” Pegula said.

Kim Pegula, Boston Bruins owner Jeremy Jacobs, NHL Commissioner Gary Bettman, Buffalo Bisons owner Robert E. Rich Jr and his wife Mindy were also on the panel for the event on Thursday.