NFL: Terry and Kim Pegula agree deal to buy Buffalo Bills

The owners of the Buffalo Bills have agreed a deal to sell the NFL franchise to Terry Pegula, who already own the NHL's Buffalo Sabres.

Pegula, 63, a natural gas development and real estate mogul, has been a popular figure in Buffalo for his commitment to keep the franchise in western New York state.

The price tag was not revealed although multiple outlets reported the deal to be worth $1.2 billion for the franchise put up for sale when founding owner Ralph Wilson died in March at the age of 95.

"Our interest in owning the Bills has everything to do with the people of Western New York and our passion for football," Pegula said in a statement.

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 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."

Important day

"This is a very important day in the history of the Buffalo Bills franchise," Bills controlling owner Mary Wilson said in a statement.

"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."

The deal could be approved by the NFL during the owners' fall meeting on Oct. 8 in New York City.

The Bills opened their 2014 season on Sunday with a shock 23-20 overtime win against the Bears in Chicago.