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Thread: 2014-Bills have new owner

  1. #1
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    2014-Bills have new owner



    http://online.wsj.com/articles/buffa...lls-1410310633
    Terry and Kim Pegula pose with hockey sticks for cameras in Buffalo, N.Y., in April 2013. Gary Wiepert/Associated Press


    ORCHARD PARK, N.Y. Ralph Wilson's legacy to keep the Bills in Buffalo will be preserved after Terry and Kim Pegula, owners of the NHL's Buffalo Sabres, reached what was called "a definitive agreement" to purchase the NFL franchise on Tuesday.
    The deal was announced in a statement issued by the trust overseeing the late Hall of Fame owner's estate.
    A person with direct knowledge of the sale process confirmed to the Associated Press that the Pegulas submitted a National Football League-record $1.4 billion bid. The person spoke on the condition of anonymity Tuesday because the Pegulas' formal bid wasn't made public.
    The price eclipses the previous high of $1.1 billion set in 2009, when Stephen Ross completed his purchase of the Miami Dolphins.
    "Ralph would have been pleased with the sale of the team to the Terry Pegula family, who have been so committed to Buffalo and the western New York region," Wilson's widow and Bills controlling owner Mary Wilson said. "He loved his team and he cherished the fans, and his legacy will remain for all-time."
    Wilson was the team's founder and sole owner, who often spoke out and voted against franchise relocation. The selection of the Pegulas, who have maintained a commitment to keep the Bills in the region, comes as a relief to team fans who have expressed concern about their franchise moving following Wilson's death in March.
    "It is gratifying to reassure these great fans that the two franchises, so important to our region, are here to stay," Terry Pegula said in a statement released by the Sabres. "Ralph Wilson left an indelible mark on our community and we will strive every day to honor his legacy."
    The deal was reached a day after the Pegulas were among at least three prospective groups to submit binding bids to purchase the team.
    The sale is subject to being approved by a three-quarters majority of the NFL's 31 owners, which is expected to come at league meetings on Oct. 8.
    The Pegulas, who live in Florida, have established roots in adopting Buffalo as their hometown since purchasing the Sabres in February 2011. Terry Pegula is from Pennsylvania and became a fan of the Sabres in the mid-1970s. Kim is from the nearby Rochester area.
    Under NFL ownership rules, the Pegulas are allowed to own both the Bills and the Sabres because they are located in the same market.
    The Pegulas have a net worth of more than $3.5 billion, and made their fortune in the natural-gas industry. They had the backing of local business leaders and public officials, and were regarded as the front-runner to buy the Bills once they first expressed interest in the team in late May.
    "Today's announcement is great news for western New York, the Bills, and their passionate fans, who will now be able to breathe a huge sigh of relief," U.S. Sen. Charles Schumer (D., N.Y.) said. "The Pegulas are the perfect choice to carry on Ralph Wilson's indelible legacy."
    In closing in on buying the Bills, the Pegulas beat out higher-profile candidates such as New Jersey rocker Jon Bon Jovi, who led a group of Toronto-based businessmen, and New York City real-estate mogul Donald Trump.

  2. #2
    they paid a boat load of money for the team.

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