Tim Graham of the Buffalo News reported this morning that Terry and Kim Pegula “a struck a tentative deal to purchase the Bills”, and an official announcement should be conducted today.
A pair of sources told Graham that the Pegulas, the owners of the NHL’s Buffalo Sabres, have outbid all other suitors. A source texted Graham this morning that it was a “done deal”, with a purchase price believed to be around $1 billion.
Update 4:07 p.m:
Forbes.com’s Mike Ozanian reports that the Pegulas won the bidding process for about $1.2 billion.
Lauren Brill, a sports reporter at WIVB (CBS) in Buffalo, reports that the deal is done for $1.4 billion. ESPN’s Adam Schefter reported that the Pegula bid was close to $1.4 billion.
The Buffalo News’ Tom Precious reports that Jon Bon Jovi’s group bid $1.05 billion, a bid that the group felt matched the franchise’s value. Bon Jovi told the Buffalo News the following in a statement (via Graham):
“On behalf of Myself, Larry Tanenbaum and Edward Rogers, we wish Terry and Kim Pegula all the best. As they continue the legacy and tradition of the Buffalo Bills and the Wilson family.”
Fellow bidder Donald Trump addressed the bidding loss to the Pegulas in a statement (via WGRZ Buffalo’s Adam Benigni):
“A large part of the reason for my bid was to ensure that the team remained in Buffalo. I would like to congratulate the Pegula family on what will be, I am sure, a wonderful purchase. I would also like to congratulate the fans…no doubt, that the team will now remain in your wonderful city.”
Graham also writes that NFL owners are expected to approve the sale, which the next owners meeting on October 7 and 8 in Manhattan. He also looked at how the move will bring a positive vibe to the Buffalo fanbase
The news should bring cheer and relief to Bills fans, the majority of whom regarded Team Pegula as the strongest ownership candidate and the one most likely to guarantee the Bills a long-term future in Buffalo. The bid also had the backing of Sen. Charles E. Schumer, who contacted influential NFL owners to voice support .
The Pegulas were regarded as frontrunners all along because of their vast personal wealth and strong ties to Western New York that include ownership of the Sabres and construction of the downtown HarborCenter project.
Update 3:10 p.m.:
ESPN Insider Adam Caplan tweeted the following at 2:45 p.m.:
“#Bills announced: definitive agreement reached with the Pegula family.”
NFL Network’s Albert Breer said on Twitter that the deal would be finalized at the fall league meeting in October.
The Buffalo Bills released the following statement:
The process for the sale of the Buffalo Bills has taken a significant step forward today as a definitive agreement has been reached between the trust of the late Pro Football Hall of Famer Ralph C. Wilson, Jr. and the Pegula family, owners of the Buffalo Sabres and lead developers of Buffalo’s HarborCenter.
Subject to the approval of the NFL owners and the satisfaction of customary closing conditions, the definitive agreement calls for the Pegula family to acquire all of the interest in the Buffalo Bills franchise from the Wilson trust. The parties intend to submit the agreement for approval by the NFL owners at their meeting in New York City on October 8th.Buffalo Bills Controlling Owner Mary Wilson said, “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!” — in Orchard Park, NY.
The Buffalo Sabres, on behalf of Terry and Kim Pegula, expressed their thoughts on being chosen to be the next owners of the team:
“Kim and I are humbled and honored that the Wilson family has chosen us to be the second owner of the Buffalo Bills. Pending the NFL approval process, being the next owner of the Buffalo Bills would be a great privilege for our family. Ralph Wilson left an indelible mark on our community and we will strive every day to honor his legacy.
Our interest in owning the Bills has everything to do with the people of Western New York and our passion for football. We have knowledgeable, dedicated fans here and along with our ownership of the Buffalo Sabres, it is gratifying to reassure these great fans that two franchises so important to our region are both here to stay.
We are grateful to Senator Chuck Schumer and Governor Andrew Cuomo for their support and desire to keep our Bills in Western New York where they belong and to our team of professional advisors at Allen & Company and Sherrard, German & Kelly. We would also like to thank the staffs of the NFL and the Bills for helping to guide us through the sale process. We now look ahead to the NFL review process in accordance with League policy. If awarded final approval, we will be driven to achieve a singular goal: To win a Super Bowl for our fans.
Out of respect for the continuing sale process, until League approval is attained, we will have no further comment.”
There has been a lot of positive reaction to the news from Buffalo Bills fans and those who cover the team on social media.
https://twitter.com/LukeRussert/status/509354421088944128
https://twitter.com/LukeRussert/status/509355654830907392
https://twitter.com/LtGovDuffyNY/status/509306346056220672
https://twitter.com/TheJoeMarino/status/509336985035882497
https://twitter.com/hsimon62/status/509339914555510784
https://twitter.com/WGR550/status/509342900698636288
https://twitter.com/NoToronto/status/509386127951024129
There were also statements from area politicians:
Governor Andrew Cuomo:
“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.”
Senator Chuck Schumer:
“Today’s announcement is great news for Western New York, the Bills, and their passionate fans, who will now be able to breathe a huge sigh of relief. The Pegulas are the perfect choice to carry on Ralph Wilson’s indelible legacy – like Ralph, they have a true commitment to Western New York, are people of serious integrity, and will be excellent owners. Most importantly, based on extensive conversations I have had with Terry over the past few months, he and Kim are deeply committed to keeping the Buffalo Bills in Western New York for generations to come. I commend the Bills’ leadership, and especially Mrs. Wilson and Jeff Littman, for selecting the Pegulas, and for the thought and care they put into this entire sale process. I look forward to working with Terry and Kim in the weeks, months, and years ahead to ensure a speedy confirmation by the NFL and to help keep the Bills playing – and winning – in Western New York for many, many years to come.”
Those who follow the NFL as a whole also had some thoughts on the news
https://twitter.com/RapSheet/status/509348239423066112
https://twitter.com/RapSheet/status/509342697099120640
https://twitter.com/Schottey/status/509341608077455360
