Pegula family exploring sale of stake in Bills

The Pegula family is exploring the sale of a stake in ownership of the Buffalo Bills.

The team confirmed to The Athletic's Tim Graham that Florida investment bankers Allen & Company have been hired by the team to facilitate a potential transaction.

Graham reports that the sale could be for 25 per cent of the team, but that number is not concrete.

“The Pegula family has retained Allen & Company to explore the potential sale of a non-controlling, minority interest in the Bills,” the team said in a statement to Graham. “These discussions only involve the Bills and no other team (the Pegulas also own the Buffalo Sabres, Buffalo Bandits and Rochester Knighthawks of the National Lacrosse League and the Sabres, American Hockey League affiliate Rochester Americans). 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. Neither the team nor the Pegula family are able to comment further at this point.”

Terry and Kim Pegula purchased the team from the estate of Ralph Wilson in 2014 for $1.4 billion, then a record for the sale of an NFL franchise. Under the Pegulas, the Bills have transformed from strugglers to perennial contenders led by star quarterback Josh Allen.

The Bills are in the process of building a new stadium adjacent to the current Highmark Stadium with an expected opening date of 2026. The cost of the stadium is expected to reach $2 billion.