Bills' Terry Pegula to Explore Sale of Noncontrolling, Minority Ownership Stake

Buffalo Bills owner Terry Pegula will explore the sale of a minority ownership stake in the team, according to ESPN's Alaina Getzenberg.

Pegula is expected to retain controlling interest in the team if a possible sale occurs.

"The Pegula family has retained Allen & Company to explore the potential sale of a non-controlling, minority interest in the Bills," the Bills said in a statement (via Getzenberg). "These discussions only involve the Bills and no other team. No investment would be possible without Terry Pegula and the Pegula family maintaining a controlling interest in the team."

Pegula has served as the Bills' owner since 2014, when he purchased the team for $1.4 billion.

In Aug. 2023, Forbes revealed that the Bills were worth $3.7 billion. Pegula is worth $6.8 billion himself, as his family also owns the NHL's Buffalo Sabres as well as the Buffalo Bandits and Rochester Knighthawks of the National Lacrosse League.

Tim Graham of The Athletic reported that Pegula hired investment bankers Allen & Company to handle the potential transaction, with a 25 percent stake representing the "working figure" in talks although the number is "not set in stone."

The team is currently in the midst of construction on a new stadium, which began in June 2023. The stadium, which will carry the same name as the Bills' current Highmark Stadium, was initially expected to cost $1.4 billion and will open in 2026.

In the statement released on Friday, the Pegula family assured fans that "their continued commitment to Western New York, the new Highmark Stadium, our fans, and the other teams in their portfolio remains unchanged" (via Getzenberg).

The Bills have developed into one of the AFC's top teams since new ownership took place in 2014, recording at least 10 wins and making the postseason in each of the past five seasons. The team is currently coming off a trip to the divisional round of the playoffs in 2024.