Terry Pegula, the owner of the Buffalo Bills, is reportedly listing a sizable portion of the team for sale, but he will still have ownership control.
Tim Graham of The Athletic was informed by the Bills on Friday that Pegula has enlisted investment bankers Allen & Company to supervise the possible sale of a portion of the organization. According to Graham, the plan is currently to sell 25% of the team; however, that percentage is subject to change.
“Without Terry Pegula and the Pegula family keeping a majority stake in the team, no investment would be feasible. The Bills said in a statement, “They remain committed to Western New York, the new Highmark Stadium, our supporters, and the other teams in their portfolio.
Pegula has certain reasons to seek the sale, but he may yet decide against it. The largest is that the Bills are currently building a new stadium, and ownership will bear the responsibility for any construction-related cost overruns. At least for Pegula, bringing in outside money would help offset some of those possible expenses.
The Bills have been owned by Pegula and his spouse Kim since 2014. Forbes projects that the team’s current value is in the region of $3.7 billion, yet they paid $1.4 billion for the team when they first acquired it.
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