ORCHARD PARK, N.Y. — Buffalo Sabres owners Terry and Kim Pegula took a highly aggressive approach by bidding an NFL-record $1.4 billion to get the Buffalo Bills and keep them in western New York.
ORCHARD PARK, N.Y. — Buffalo Sabres owners Terry and Kim Pegula took a highly aggressive approach by bidding an NFL-record $1.4 billion to get the Buffalo Bills and keep them in western New York.
A person with direct knowledge of the sale process confirmed the winning bid to The Associated Press on Tuesday, hours after late owner Ralph Wilson’s estate announced reaching a “definitive agreement” to sell the team to the Pegulas. The person spoke on the condition of anonymity because the sale was conducted privately.
Sports Business Journal first reported the Pegulas’ bid earlier in the day.
The price eclipses the previous high of $1.1 billion set in 2009, when Stephen Ross completed his purchase of the Miami Dolphins in a deal that also included the team’s stadium.
The person said the Pegulas went well above the Bills’ estimated value of $935 million to show Wilson’s estate how serious they were in their desire to buy the team. And they also wanted to submit a bid the Pegulas believed would be significantly higher than other prospective ownership groups were willing — or capable — of matching.
That included a Toronto-based group led by rocker Jon Bon Jovi, which had raised concerns regarding the possibility eventually relocating the Bills north of the border. New York real estate mogul Donald Trump also submitted a formal bid Monday.
The value of the Toronto group’s and Trump’s bids were not revealed.
The Pegulas were motivated to keep the Bills in Buffalo and preserve Wilson’s legacy.
“It is gratifying to reassure these great fans that the two franchises, so important to our region are here to stay,” Terry Pegula said in a statement released by the Sabres. “Ralph Wilson left an indelible mark on our community and we will strive every day to honor his legacy.”
The sale is subject approval by a three-quarters majority of the NFL’s other 31 owners, which is expected to come at league meetings Oct. 8.
“Ralph would have been pleased with the sale of the team to the Terry Pegula family, who have been so committed to Buffalo and the western New York region,” Wilson’s widow and Bills controlling owner Mary Wilson said. “He loved his team and he cherished the fans, and his legacy will remain for all time.”