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Buffalo Bills owner Terry Pegula explores selling non-controlling, minority stake in franchise

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Buffalo Bills owner Terry Pegula explores selling non-controlling, minority stake in franchise
News

News

Buffalo Bills owner Terry Pegula explores selling non-controlling, minority stake in franchise

2024-04-20 04:29 Last Updated At:04:42

ORCHARD PARK, N.Y. (AP) — Buffalo Bills owners Terry and Kim Pegula are exploring the possibility of selling a non-controlling, minority interest in the franchise, the team announced on Friday.

A person with knowledge of the decision told The Associated Press the stake in the team the Pegulas would be preparing to sell would be about 25%. The person spoke on condition of anonymity because that detail was not announced by the team. It was first reported by The Athletic.

The Bills announced the Pegulas have hired Allen & Company to oversee the process, while stressing no sale would take place without the Pegulas maintaining a controlling interest in the franchise.

The Bills also announced the sale is limited only to the Bills, and not any of the Pegulas’ other holdings, which include the NHL Buffalo Sabres, the American Hockey League Rochester Americans and National Lacrosse League franchises in Buffalo and Rochester.

The prospect of selling shares of the Bills comes at a time the franchise is facing a cash crunch with rising construction costs of the team’s new stadium being built across the street from its current facility, and scheduled to open in 2026.

The initial cost of the stadium was pegged at $1.4 billion when a preliminary agreement was struck with the state and county in March 2022. That number jumped to $1.54 billion months later and was last projected to be approaching $1.7 billion in August.

The Bills are responsible to cover any cost over-runs beyond $1.4 billion, according to terms of the agreement, which locked in the public share at $850 million.

In August, Terry Pegula chose to have the Bills and Sabres operate as separate entities by dissolving their parent company, Pegula Sports and Entertainment, in what was called a move to streamline both operations.

The sale of Bills' shares also comes at a time when speculation continues to rise over whether the Pegulas are interested in selling the Sabres. A second person with direct knowledge of the Pegulas' plans told the AP the Sabres are not for sale.

The Pegulas, who made their fortune in the natural gas industry, have a reported net worth of $6.8 billion. They purchased the Bills for a then-NFL record $1.4 billion in 2014. Last year, Forbes listed the Bills as being valued at $3.7 billion.

Kim Pegula has been unable to fulfill her duties while dealing with significant language and memory issues after going into cardiac arrest in June 2022.

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FILE - Buffalo Bills owner Terry Pegula attends an NFL football game against the Miami Dolphins, Sept. 25, 2022, in Miami Gardens, Fla. Terry and Kim Pegula are exploring the possibility of selling a non-controlling, minority interest in the franchise, the team announced Friday, April 19, 2024. A person with knowledge of the decision told The Associated Press the stake in the team the Pegulas would be preparing to sell would be about 25%. The person spoke on the condition of anonymity because that detail was not announced by the team, and first reported by The Athletic. (AP Photo/Doug Murray, File)

FILE - Buffalo Bills owner Terry Pegula attends an NFL football game against the Miami Dolphins, Sept. 25, 2022, in Miami Gardens, Fla. Terry and Kim Pegula are exploring the possibility of selling a non-controlling, minority interest in the franchise, the team announced Friday, April 19, 2024. A person with knowledge of the decision told The Associated Press the stake in the team the Pegulas would be preparing to sell would be about 25%. The person spoke on the condition of anonymity because that detail was not announced by the team, and first reported by The Athletic. (AP Photo/Doug Murray, File)

FILE - New York Gov. Kathy Hochul, left, Buffalo Bills owner Terry Pegula and Buffalo Mayor Byron Brown, right, participate in the groundbreaking ceremony at the site of the new Bills Stadium in Orchard Park, N.Y., June 5, 2023. Terry and Kim Pegula are exploring the possibility of selling a non-controlling, minority interest in the franchise, the team announced Friday, April 19, 2024. The prospect of selling shares of the Bills comes at a time the franchise is facing a cash crunch with rising construction costs of the team’s new stadium. (AP Photo/Jeffrey T. Barnes, File)

FILE - New York Gov. Kathy Hochul, left, Buffalo Bills owner Terry Pegula and Buffalo Mayor Byron Brown, right, participate in the groundbreaking ceremony at the site of the new Bills Stadium in Orchard Park, N.Y., June 5, 2023. Terry and Kim Pegula are exploring the possibility of selling a non-controlling, minority interest in the franchise, the team announced Friday, April 19, 2024. The prospect of selling shares of the Bills comes at a time the franchise is facing a cash crunch with rising construction costs of the team’s new stadium. (AP Photo/Jeffrey T. Barnes, File)

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AP News Digest 7 a.m.

2024-05-28 18:59 Last Updated At:19:01

Here are the AP’s latest coverage plans, top stories and promotable content. All times EDT. For up-to-the-minute information on AP’s coverage, visit Coverage Plan in AP Newsroom.

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TOP STORIES

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ISRAEL-HAMAS WAR

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EUROPE-ISRAEL-PALESTINIANS — Spain, Norway and Ireland moved to formally recognize a Palestinian state in a coordinated effort by the three western European nations designed to add international pressure on Israel to soften its devastating response to last year’s Hamas-led attack. SENT: 1,150 words, photos, video, audio. With EUROPE-PALESTINIANS-EXPLAINER — Spain, Ireland and Norway say they will recognize a Palestinian state. Why does that matter? — SENT.

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RUSSIA UKRAINE WAR

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INTERNATIONAL

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PHILIPPINES-TYPHOON — A typhoon has finally moved away from the Philippines, leaving at least seven people dead, mostly due to floods or toppled trees, and forcing the closures of several seaports, stranding thousands of passengers, officials said. SENT: 450 words, photos.

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CLIMATE

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BUSINESS

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ASIA-LABOR — As economies in Asia and the Pacific slow and grow older, countries need to do more to ensure that workers get the education, training and social safety nets needed to raise incomes and ensure social equity, a United Nations report said. SENT: 590 words, photos.

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HOW TO REACH US

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At the Nerve Center, Richard A. Somma can be reached at 800-845-8450, ext. 1600. For photos, ext. 1900. For graphics and interactives, ext. 7636. Expanded AP content can be obtained from AP Newsroom. For access to AP Newsroom and other technical issues, contact apcustomersupport@ap.org or call 844-777-2006.

In this photo released by UNDP Papua New Guinea, villagers react as they search through a landslide in Yambali village, in the Highlands of Papua New Guinea, Monday, May 27, 2024. Authorities fear a second landslide and a disease outbreak are looming at the scene of Papua New Guinea's recent mass-casualty disaster because of water streams trapped beneath tons of debris and decaying corpses seeping downhill following the May 24 landslide. (Juho Valta/UNDP Papua New Guinea via AP)

In this photo released by UNDP Papua New Guinea, villagers react as they search through a landslide in Yambali village, in the Highlands of Papua New Guinea, Monday, May 27, 2024. Authorities fear a second landslide and a disease outbreak are looming at the scene of Papua New Guinea's recent mass-casualty disaster because of water streams trapped beneath tons of debris and decaying corpses seeping downhill following the May 24 landslide. (Juho Valta/UNDP Papua New Guinea via AP)

In this photo released by UNDP Papua New Guinea, villagers search through a landslide in Yambali village, in the Highlands of Papua New Guinea, Monday, May 27, 2024. Authorities fear a second landslide and a disease outbreak are looming at the scene of Papua New Guinea's recent mass-casualty disaster because of water streams trapped beneath tons of debris and decaying corpses seeping downhill following the May 24 landslide. (Juho Valta/UNDP Papua New Guinea via AP)

In this photo released by UNDP Papua New Guinea, villagers search through a landslide in Yambali village, in the Highlands of Papua New Guinea, Monday, May 27, 2024. Authorities fear a second landslide and a disease outbreak are looming at the scene of Papua New Guinea's recent mass-casualty disaster because of water streams trapped beneath tons of debris and decaying corpses seeping downhill following the May 24 landslide. (Juho Valta/UNDP Papua New Guinea via AP)

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People gather for the 157th Brooklyn Memorial Day Parade, Monday, May 27, 2024, in New York. (AP Photo/Yuki Iwamura)

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Protesters clash with troops and riot police during a demonstration near the Egyptian embassy in Beirut, Lebanon, Monday, May 27, 2024, in solidarity with the Palestinian people in Gaza and demanding the Egyptian authorities open the Rafah border crossing between Egypt and the Gaza Strip. (AP Photo/Bilal Hussein)

Palestinians mourn the bodies of their relatives killed in an Israeli bombardment of the Gaza Strip, at the Al Aqsa hospital in Deir al Balah, central Gaza Strip, on Monday, May 27, 2024. (AP Photo/Abdel Kareem Hana)

Palestinians mourn the bodies of their relatives killed in an Israeli bombardment of the Gaza Strip, at the Al Aqsa hospital in Deir al Balah, central Gaza Strip, on Monday, May 27, 2024. (AP Photo/Abdel Kareem Hana)

Palestinians mourn over the bodies of relatives killed in an Israeli airstrike, at a morgue in Rafah, Gaza Strip, Monday, May 27, 2024. Palestinian health workers said Israeli airstrikes Sunday killed at least 35 people sheltering in a tent camp for displaced people. Israel's army confirmed the strike and said it hit a Hamas installation and killed two senior Hamas militants. (AP Photo/Jehad Alshrafi)

Palestinians mourn over the bodies of relatives killed in an Israeli airstrike, at a morgue in Rafah, Gaza Strip, Monday, May 27, 2024. Palestinian health workers said Israeli airstrikes Sunday killed at least 35 people sheltering in a tent camp for displaced people. Israel's army confirmed the strike and said it hit a Hamas installation and killed two senior Hamas militants. (AP Photo/Jehad Alshrafi)

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