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Terry Pegula made his billions by investing in the fracking industry. He and his wife Kim will have to drill another oil well in order to replenish their substantial savings account after paying $1.4 billion for the Buffalo Bills.
According to the Associated Press, a person with direct knowledge of the Buffalo Bills sale process has confirmed that the Pegulas submitted an NFL-record $1.4 billion bid in reaching a tentative agreement to buy the Buffalo Bills.
The Miami Dolphins sold for a then record amount of $1.1 billion a few years ago, however, that sale price included the stadium and the team. Pegula's $1.4B bid is for the Bills only. The Cleveland Browns were sold recently for $1.05 billion.
Its being reported that the Bon Jovi group had submitted a bid of $1.05 billion to the Wilson Family Trust, while Donald Trump submitted a bid of $800 million.
The Bills sale is subject to the approval of NFL owners at league meetings in New York City on October 8th.
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Buffalo Sabres owner, and soon to be owner of the Buffalo Bills Terry Pegula has issued the following statement:
“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.…
Ralph Wilson's widow, Mary, issued this statement on the sale of the Bills to the Pegula Family.
Subject to the approval of NFL owners, the agreement calls for the Pegula family to acquire all interest in the Buffalo Bills franchise from the Wilson trust.
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 8.
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!…
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Jessie Pegula, Terry's daughter, is officially a member of #BillsMafia
“@TheBillsMafia: @JLPegula Welcome.… AAAYYYY I'm in. #itsofficial
— Jessie Pegula (@JLPegula) September 9, 2014
Thank You Terry & Kim Pegula #TeamPegula @PegulaSE @HARBORCTR @BuffaloSabres Mr. Wilson your Bills are in good hands pic.twitter.com/3OmuJBomF1
— James Migliore (@InTerryWeTrust) September 9, 2014
My grandfather was a lifelong Buffalo Bills fan. He passed down his passion for the Bills to my father, who passed it on to me. My wife and I have raised our four kids to be Bills fans. My wife and I were Bills season ticket holders for 11 seasons before he started having our children. The Bills and Sabres are a part of my family's DNA. I'm certain that I speak for millions of Western New Yorkers when I say with glee:
"Merry Christmas, Buffalo!"
I'm in my mid-40s and I have ben a lifelong Sabres and Bills fantic.
My birthday is on October 9, the date of the Sabres' home opener. I'm so looking forward to hearing the PA announcer introduce Terry and Kim as Sabres and Bills owners at center ice on that glorious night.
I, like millions of Buffalonians and ex-pats are ecstatic right now at the news that Sabres owners Terry and Kim Pegula have been granted tentative approval to guy the Buffalo Bills by members of the late owner Ralph Wilson's family trust.
@JohnWawrow and @ByTimGraham report that the next step in the sale process is for the Wilson Trust to ask for and receive initial approval from the NFL Finance Committee. That may happen as early as today. Pegula's final, binding bid is said to be in the neighborhood of $1.1 billion, which would surpass the NFL record of $1.05 billion that the Cleveland Browns sold for a few years ago. The NFL owners will vote on the Pegula sale on October 8.
I'm told tentative agreement has been reached between the Bills and the Pegulas and an official announcement should come today.
— Tim Graham (@ByTimGraham) September 9, 2014
Final binding bids were due to Morgan Stanley yesterday.
It has been reported that the NFL and Morgan Stanley were in favor of the Pegula bid because of its "clean" nature, meaning, Pegula literally could back 40 Brinks up to to the NFL and drop off $1+ billion in cash money.
Tell me how you feel about this great news Bills and Sabres fans!
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