NFL: Terry and Kim Pegula win approval to buy the Buffalo Bills
Thursday 9 October 2014 13:58, UK
NFL owners have voted unanimously to approve the sale of the Buffalo Bills to Terry and Kim Pegula.
The couple, who already own NHL franchise the Buffalo Sabres, had the backing of the majority of Bills fans who feared the team could be relocated under different owners.
But the Pegulas are committed to the Buffalo area, and they have now been cleared to complete the purchase of the club and their stadium, which they expect to be finalised by the weekend.
The sale was prompted by the death of long-time owner Ralph Wilson in March, and the Pegulas agreed a fee of $1.4billion despite the franchise being last valued at $935million by Forbes.
"There's a small matter of having to pay some money and we'll get that done," said Terry Pegula, who made his fortune - estimated at around $4.6billion - in the natural gas industry.
"If you asked me 10 years ago if I would own the Sabres and the Bills, I would have called you a liar. I just got a hell of a deal. I own the team."
His wife Kim is expected to take a front-office role with the Bills and work closely with current president Russ Brandon.
The Pegulas' case was recently helped by NHL Commissioner Gary Bettman, who praised the couple for their work with the Sabres.
"Terry and Kim Pegula have been terrific owners," Bettman said. "They've invested in the community. They have devoted themselves, their energy, their resources, and haven't held back at all.
"They're all in. If you're a fan of either the Sabres or the Bills, you're going to feel good about that."
