Buffalo Bills owner Terry Pegula is looking for the sale of a minority interest in the team, according to a statement released by the team on Friday.
The statement emphasized that any new investment would not affect the Pegula family’s controlling interest.
“The Pegula family has retained Allen & Company for potential sale of a non-controlling, minority interest in the Bills,” the statement read.
“These 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.”
Buffalo Bills Team (Via NFL/Twitter)
The Pegulas, who also own the Buffalo Sabres, the National Lacrosse League’s Buffalo Bandits and Rochester Knighthawks, and the American Hockey League’s Rochester Americans, purchased the Bills in 2014 for $1.4 billion.
Forbes reported in August that the Bills are now worth $3.7 billion, while Pegula’s net worth is $6.8 billion. The Washington Commanders were sold in July for a record $6.05 billion.
The Bills are currently constructing the new Highmark Stadium, which is being built across the street from their current stadium in Orchard Park.
Buffalo Bills Team (Via NFL/Twitter)
Initially expected to cost $1.4 billion, the stadium project received $850 million in public funding, with the Pegulas covering all additional costs.
As ESPN reported in March, the NFL is considering changes to its regulations on team ownership, potentially allowing private equity firms to invest, similar to practices in other professional leagues like the NBA, MLB, and NHL.
“Their continued commitment to Western New York, the new Highmark Stadium, our fans, and the other teams in their portfolio remains unchanged.
Neither the team nor the Pegula family are able to comment further at this point,” the statement concluded.
