Pegula family exploring sale of 'non-controlling' interest in Buffalo Bills
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BUFFALO, N.Y. (WIVB) -- The Pegula family is exploring the potential sale of a "non-controlling, minority interest" in the Buffalo Bills, the organization said in a statement.
The statement said the Pegulas have retained Allen & Company, a private investment bank, to help look into the sale. The potential discussions do not involve any other Pegula-owned team, according to the Bills.
"No investment would be possible without Terry Pegula and the Pegula family maintaining a controlling interest in the team," the Bills' statement said. "Their continued commitment to Western New York, the new Highmark Stadium, our fans, and the other teams in their portfolio remains unchanged."
Terry Pegula purchased the Bills for $1.4 billion in 2014, and that price tag has only increased over the last decade.
In its latest NFL team valuations, Forbes estimated the Bills to be worth $3.7 billion, which ranks 30th in the league.
The potential sale comes as construction on the new Bills stadium continues. Contributions from New York State and Erie County were capped at $850 million combined, while the NFL and Bills are on the hook for the rest of the costs. Original estimates priced the stadium at around $1.4 billion to build, but that number is believed to have increased.
The potential minority sale was first reported by The Athletic.