BUFFALO, N.Y. — The trust of the late Ralph Wilson, Jr. has reached an agreement to sell the Buffalo Bills of the National Football League (NFL) to the Pegula family, owners of the Buffalo Sabres of the National Hockey League (NHL).
That’s according to a news release posted Tuesday on the website of the Buffalo Bills.
The release confirms what several media reports had indicated earlier in the day that the Pegulas had signed a purchase agreement to become the team’s next owners.
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The news release did not disclose the purchase price but several media reports pegged the price tag at more than $1 billion.
Terry Pegula, the owner of NHL’s Sabres, and his wife, Kim, had been among the prominent names mentioned in the process to sell Western New York’s long-time NFL franchise.
The Pegulas won a bidding process following the death of the team’s original owner, Ralph Wilson, Jr., who founded the football franchise in 1959.
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, according to the news release.
The parties intend to submit the agreement for the NFL owners to consider for approval at their meeting in New York City on Oct. 8.
It is a “very important day” in the history of the Buffalo Bills franchise, Mary Wilson, widow of Ralph Wilson, Jr. and the team’s controlling owner, said in a statement.
“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,” said Wilson.
The Pegulas are “humbled and honored” that the Wilson family has chosen them as the team’s second owner of the Buffalo Bills, Terry Pegula said in the news release.
U.S. Senator Charles Schumer (D–N.Y.) and Gov. Andrew Cuomo are among the high profile New Yorkers offering congratulations to the next owners of the Buffalo Bills.
The Pegulas are “the perfect choice” to carry on Ralph Wilson’s legacy, Schumer said in a statement his office released on Tuesday.
“…like Ralph, [the Pegulas] have a true commitment to Western New York, are people of serious integrity, and will be excellent owners. Most importantly, based on extensive conversations I have had with Terry over the past few months, he and Kim are deeply committed to keeping the Buffalo Bills in Western New York for generations to come,” said Schumer.
Schumer also added that he looks forward to “working with Terry and Kim in the weeks, months, and years ahead to ensure a speedy confirmation by the NFL.”
Gov. Andrew Cuomo also released a statement about the purchase.
“From day one, keeping the Bills in Buffalo has been one of our administration’s top priorities, and reports that Terry and Kim Pegula have been chosen as the team’s new owners highlight a tremendous step toward making that goal a reality,” Cuomo said.
Contact Reinhardt at ereinhardt@cnybj.com
