Report: Terry Pegula Purchases The Bills For Record Price Of $1.4 Billion

Update:

Lauren Brill of News 4 Buffalo reports that the Bills have officially sold for a record price of $1.4 billion to Terry and Kim Pegula.

Statement from Mary Wilson regarding the sale:

“This is a very important day in the history of the Buffalo Bills franchise. Ralph brought professional football to Buffalo in 1959 and it was his life’s passion. He loved his team and he cherished the fans and his legacy will remain for all-time. Ralph would have been pleased with the sale of the team to the Terry Pegula family, who has been so committed to Buffalo and the Western New York region.”

“I sincerely wish Terry and Kim Pegula all the best with the Buffalo Bills and I’m happy for all Bills fans. Our hope is that this great franchise brings them as much excitement and joy as it did for Ralph and that they bring home a Super Bowl championship for Bills fans everywhere. Go Bills!”

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Mike Ozanian of Forbes.com reports that Terry and Kim Pegula are purchasing the Bills for a record price of close to $1.2 billion.

• Ozanian adds that the Toronto Group’s bid came in  “around $1 billion” while Donald Trump reportedly submitted close to $900 million for the franchise.

The sale is expected to be officially announced later today. We’ll have more updates as the news is available.

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New York governor Andrew Cuomo released a statement regarding the sale of the Buffalo Bills.

“From day one, keeping the Bills in Buffalo has been one of our administration’s top priorities, and reports that Terry and Kim Pegula have been chosen as the team’s new owners highlight a tremendous step toward making that goal a reality. The Bills are an integral part of Western New York, from its economy to its culture, and as the team’s new owners the Pegulas will ensure that the Bills remain at the core of the region’s identity – just as the late Ralph Wilson, Jr. did for 54 years. Terry and Kim have already shown their commitment to the region through the Buffalo Sabres and the construction of the HarborCenter development, and I look forward to working with them in the years to come to keep the Bills in Buffalo, where they belong.”  

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Tim Graham is reporting that a “tentative agreement” has been reached between the Buffalo Bills and Terry and Kim Pegula to purchase the franchise.

• Graham spoke to a separate source who mentioned that it’s a “done deal.”
• Graham adds that an official announcement is expected to come some time today.

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ESPN’s Adam Schefter, citing a league source, reports that Buffalo Sabres owner Terry Pegula is “on the verge” of purchasing the Bills franchise.

• According to Schefter, the sale process is “moving quick.”
• Ian Rapoport adds that an agreement could be in place as soon as tomorrow.
• Tim Graham reports that Pegula’s are very confident that a deal will get done.
• Graham adds that it sounds like the Bills will sell for an NFL record.

John Wawrow of the Associated Press reported earlier in the day that three groups have submitted formal bids to buy the Bills including Terry and Kim Pegula, Donald Trump and the Toronto based group.

The Pegula’s have long been considered the favorites to buy the team, so this news doesn’t come as a complete surprise. Terry has said that he would keep the team in Buffalo, which is something that has really hurt the Toronto group that once included Jon Bon Jovi.

It will be interesting to see how much the franchise sells for as many expect it to be over a billion dollars.