The Pegula family has announced that they will sell a minority interest in the Buffalo Bills, according to sources. The exact percentage of the team being offered for sale is not yet known, but it is rumored to be around 25 percent. The family has hired Allen & Company to explore potential buyers for this non-controlling interest in the team.
In a statement to reporters, the team made it clear that any sale would only involve the Bills and no other teams. Terry Pegula may ultimately choose not to sell part of the Bills, but he is currently entertaining offers to become a limited partner due to rising valuations of NFL teams and estate taxes.
The recent sale of the Commanders for $6.05 billion has highlighted the increasing value of NFL teams. However, selling limited partnership stakes to private equity firms is difficult due to NFL regulations, making it challenging for sole ownership.
The Bills’ new stadium was originally estimated to cost $1.4 billion but may end up closer to $2 billion, with the Pegulas responsible for any cost overruns beyond the state and Erie County’s contributions of $600 million and $250 million, respectively. This sale is a strategic move by the Pegula family to navigate their financial landscape as owners of an NFL team.
