NFL Owners Approve Buffalo Bills Sale to Terry Pegula
By Community | October 8, 2014
National Football League (NFL) owners unanimously approved the sale of the Buffalo Bills to Buffalo Sabres owners Terry Pegula and his wife, Kim, on Wednesday.
The vote took place in New York City, where NFL owners are meeting.
The Pegulas finished ahead of competing groups fronted by rock star Jon Bon Jovi and billionaire Donald Trump to buy the Bills, acquiring the franchise from the family of late owner Ralph Wilson for $1.4 billion.
The team was put up for sale when Wilson, the franchise’s founding owner, died in March at the age of 95. Wilson paid $25,000 to buy the Bills in 1959.
In order for the Pegulas’ purchase to be ratified, three-quarters of the league’s 32 owners, including Wilson’s estate, had to approve the sale.
Kim Pegula is expected to have a high-ranking role with the Bills, working alongside current team president Russ Brandon.
Terry Pegula has a net worth value of more than $3.5 billion, and he made his fortune in the natural gas industry. In 2010, he completed a deal to sell a large portion of his company East Resources’ assets for $4.7 billion to Royal Dutch Shell.