The Pegula family, owners of the Buffalo Bills, are exploring the sale of a minority interest in the franchise, according to reports.
While the Bills have confirmed the decision, they have not disclosed the specific percentage of the team up for sale. However, sources suggest that the figure under consideration is approximately 25%, although it remains subject to change.
Report: Bills putting 25 percent of team up for sale. https://t.co/vjghsth7KP
— ProFootballTalk (@ProFootballTalk) April 19, 2024
In a statement, the team clarified its intentions: “The Pegula family has retained Allen & Company to explore the potential sale of a non-controlling, minority interest in the Bills. These discussions only involve the Bills and no other team."
The statement emphasized that any potential investment would not jeopardize the Pegula family"s controlling interest in the team. Their commitment to the franchise, Western New York, and their fans remains unwavering.
While Terry Pegula may ultimately decide against selling a portion of the Bills, he is reportedly open to considering offers to become a limited partner. The decision to explore this avenue is partly influenced by the soaring valuations of NFL teams and estate taxes, making sole ownership increasingly challenging.
Forbes estimated the Bills" value at $3.7 billion in August 2023, reflecting significant growth since Pegulas" acquisition of the team for $1.4 billion in 2014.
The recent sale of the Washington Commanders to a group led by Josh Harris for a staggering $6.05 billion underscores the escalating value of NFL franchises.
However, it"s worth noting that, unlike other professional sports leagues, the NFL prohibits owners from selling limited partnership stakes to private equity firms.
The Bills" new stadium, initially projected to cost $1.4 billion, could surpass $2 billion, with the Pegulas bearing responsibility for any cost overruns, despite contributions from the state and Erie County.
