The Buffalo Bills are preparing to open a new stadium for the 2026 season. The four-time reigning AFC East champions might also have a new minority owner when the new Highmark Stadium is christened.
“The Pegula family has retained Allen & Company to explore the potential sale of a non-controlling, minority interest in the Bills,” the club told Sportico in a statement on Friday. “These discussions only involve the Bills and no other team. No investment would be possible without Terry Pegula and the Pegula family maintaining a controlling interest in the team.”
The Pegulas also own the NHL’s Buffalo Sabres, and a transaction involving the Bills or Sabres has been speculated about among investment bankers since the Pegulas separated the clubs last year by dissolving Pegula Sports and Entertainment.
The Athletic was the first to report the Bills hired Allen & Co. and said the “working figure” for a stake sale is 25%.
Allen, led by Steve Greenberg, Terry Morris and Mike Melnitzky, represented Pegula when he bought the Bills from the estate of Ralph Wilson, Jr. in 2014. Pegula and his wife, Kim, paid a then NFL-record $1.4 billion for the franchise, beating out competing bids from Donald Trump and Jon Bon Jovi.
NFL price tags have soared since then with a trio of sales: Carolina Panthers ($2.28 billion in 2018), Denver Broncos ($4.65 billion in 2022) and Washington Commanders ($6.05 billion in 2023).
In August, Sportico valued the Bills at $4.13 billion, up 38% over the previous year. It ranked 29th among NFL clubs.
Pegula made his first fortune when he sold most of the assets of his oil and gas firm, East Resources, to Royal Dutch Shell for $4.7 billion in 2010. According to Forbes, Pegula’s net worth is $6.8 billion. Pegulas owns 100% of Bills and the banking recruitment comes as some owners look to capitalize on increased value through LP sales and diversify their assets in the event that the majority of their net worth is they are tied to NFL teams. >
The NFL was the last major American sports league to ban private equity firms from buying stakes in teams, but the league has moved to approve the investment by the organization and could get the green light as early as next month.
The Bills are building a new stadium across the street from their current home. The state’s contribution is capped at $600 million and Erie County contributes $250 million. Invoices must pay the balance, including any excess charges. The original price tag of $1.4 billion has increased to at least $1.7 billion.
The Pegulas’ continued commitment to Western New York, the new Highmark Stadium, our fans and the other teams in their portfolio remain unchanged,” the Bills’ statement said. Neither the team nor Pegula’s family can comment further at this time.
