Facing $1.2 billion in costs for their new stadium, exacerbated by over $500 million in overruns, the Buffalo Bills have struck deals to sell more than 20% of the team. According to Sports Business Journal, a group of business executives will acquire 10.6%, while private equity firm Arctos Partners is set to purchase another 10%.
Both transactions await NFL approval, but Terry and Kim Pegula will retain ownership of more than 79% of the team. The Pegulas originally bought the franchise in 2014 for $1.4 billion from Ralph Wilson’s estate.
While financial details of the sales remain undisclosed, experts suggest the valuation far surpasses the Pegulas’ initial investment, effectively allowing them to recover most of their purchase price by selling just a fifth of the team. This move comes as the Bills work to secure funds for their state-of-the-art facility, ensuring the franchise’s long-term stability.
