Cost overruns of new football stadium may lead to the sale of minority stake in NFL Bills
Buffalo Sabres owner Terry Pegula is preparing to sell off a minority share of the NFL’s Buffalo Bills, according to a report from Tim Graham of the Athletic. Pegula, who first came upon the Buffalo sports scene when he purchased the Sabres for $189 million in 2011, bought the Bills from the estate of founder Ralph Wilson in 2014 for $1.4 billion.
Both of the franchises have increased in value significantly over the last decade, but the report indicates that Pegula may sell a portion of the Bills since he is solely responsible for any cost overruns on the new football stadium in Orchard Park, NY, which received $850 million in funding from the state of New York and Erie County but could cost closer to $2 billion.
Reports earlier in the week indicated that Pegula may have an interest in selling off other sports holdings, including the Rochester Nighthawks of the National Lacrosse League, but there have been no substantive reports of the Sabres being sold. A press release on Friday indicated that a potential minority sale would be exclusive to the Bills.
In February, the Sabres announced that they would be putting in a new roof and scoreboard at Key Bank Center (which Pegula is paying for) before the beginning of the 2024-25 season. There have been no hints that he has entertained plans of selling the club, but there have been some indicators that Pegula will look for Erie County to find significant upgrades to one of the oldest buildings in the NHL.
LATEST THN BUFFALO STORIES
Sabres Say They Are Ready For Accountability
Sabres May Be Casting A Wider Net In Coaching Search
Hunt For Experienced Head Coach Will Be Competitive
Ex-Files – Former Sabres Players In The Playoffs – Western Conference
Ex Files – Former Sabres Players In The Playoffs – Eastern Conference