Buffalo Bills owner Terry Pegula explores selling non-controlling, minority stake in franchise
with rising construction costs of the team’s new stadium being built across the street from its current facility, and scheduled to open in 2026. The initial cost of the stadium was pegged at $1.4 billion when a preliminary agreement was struck with the state and county in March 2022. That number jumped to $1.54 billion months later and was last projected to be approaching $1.7 billion in August.
The Bills are responsible to cover any cost over-runs beyond $1.4 billion, according to terms of the agreement, which locked in the public share at $850 million. In August, Terry Pegula chose to have the Bills and Sabres operate as separate entities by dissolving their parent company, Pegula Sports and Entertainment, in what was called a move to streamline both operations. The sale of Bills' shares also comes at a time when speculation continues to rise over whether the Pegulas are interested in selling the Sabres.
A second person with direct knowledge of the Pegulas' plans told the AP the Sabres are not for sale. The Pegulas, who made their fortune in the natural gas industry, have a reported net worth of $6.8 billion. They purchased the Bills for a then-NFL record $1.4 billion in 2014.
Last year, Forbes listed the Bills as being valued at $3.7 billion. Kim Pegula has been unable to fulfill her duties while dealing with significant language and memory issues after going into cardiac arrest in June 2022. ___ AP NFL: https://apnews.com/hub/nfl Milestone Alert!
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