The Buffalo Bills were purchased by the Pegula family back in 2014 and they began rebuilding the team while also promising the franchise to build a state-of-the-art stadium so when the news that the team was up for partial sale, many were shocked.
According to Tim Graham from the Athletic, the owners did not disclose the exact amount of the sale, however, they established a baseline of 25% and are treating it as a “working figure”.
“The Pegula family has retained Allen & Company to explore the potential sale of a non-controlling, minority interest in the Bills discussions only involve the Bills and no other team. No investment would be possible without Terry Pegula and the Pegula family maintaining a controlling interest in the team. Their continued commitment to Western New York, the new Highmark Stadium, our fans, and the other teams in their portfolio remains unchanged.” Said Graham during an interview.
“Neither the team nor the Pegula family can comment further at this point.”, according to Graham, Terry Pegula is selling part of the team because the valuations of the NFL are at an all-time high and the estate taxes add to make things complicated for a sole ownership scenario.
According to Forbes, as of August 2023, the Bills were worth $3.7 billion, while they purchased the team for a then-record $1.4 billion in 2014, now the Washington Commanders were sold at a whopping $6.05 billion.
The Pegula’s promise of building a new stadium in Buffalo still stands, however, they estimated cost of $1.4 billion, however, the stadium is closer to $2 billion and they will foot the bill for the remaining bill after a contribution from the State of New York and Erie County.
