Buffalo Sabres owner Terry Pegula has reached an agreement to buy the Bills, the team announced. NFL Media Insider Ian Rapoport reports the team will be sold for $1.4 billion, according to two sources informed of the situation.
The Pegulas have garnered great support from public officials and business leaders for their commitment to keep the Bills in western New York. The 63-year-old billionaire found success as a natural gas and real estate mogul.
The league finance committee meeting is next week and Pegula could be in place as Bills owner by the Fall League Meeting in early October.
Rapoport reported that Kim Pegula, Terry's wife, will be heavily involved in the executive process and the making many key decisions, according to the source.
The announcement of the sale came with the blessing of controlling owner Mary Wilson, widow of Ralph Wilson.
"This is a very important day in the history of the Buffalo Bills franchise," Mary Wilson said in a statement Tuesday. "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.