The Buffalo Bills may have a found new owner in multi-billionaire and Buffalo Sabres owner, Terry Pegula.
According to the Buffalo News, Pegula reached an agreement with the Bills to purchase the team for a reported $1.1 billion.
The sale still needs to be approved by the NFL owners at their quarterly meetings next month.
“Subject to the approval of the NFL owners and the satisfaction of customary closing conditions, the definitive agreement calls for the Pegula family to acquire all of the interest in the Buffalo Bills franchise from the (Ralph C.) Wilson trust. The parties intend to submit the agreement for approval by the NFL owners at their meeting in New York City on October 8,” the team said in a statement on Tuesday.
Pegula will become the second owner of the franchise. The previous team owner and founder Ralph Wilson Jr. passed away in March and his family announced that they would sell the team.
Questions about whether or not a potential buyer would keep the team in Buffalo was of great concern to the fans. It was previously reported that musician Jon Bon Jovi had interest in buying the team. Had the rocker purchased the Bills, the franchise would have moved to Toronto in 2020.
Pegula will keep the team in the city and staying in Buffalo is not only what the fans wanted, but also what the Wilson family had hoped for.
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