Terry Pegula is going to sell the Buffalo Bills… but just a small piece, Nick Wojton of Bills Wire reports.
According to Sports Business Journal, Pegula is going to unload about a 20 percent portion of the Bills franchise.
Per the report, multiple business executives have struck an agreement to buy a 10.6 percent stake. Reportedly private equity firm Arctos Partners will take 10 percent as part of the deal.
Pegula had reportedly been interested in sell a portion of the team going back to at least the spring.
According to Sportico, the Bills are currently valued around $5 billion. Pegula originally purchased the team in 2014 for $1.4B.
The Buffalo News added that the potential minority stake sale is on the agenda for the NFL’s finance committee meeting this week.
“Our focus has been on finding the right partners for our organization,” the Bills said in a statement. “The process is ongoing, and any potential investor cannot be confirmed or finalized until it is approved by the NFL.”
SBJ indicated that potential minority stake buyers of the Bills include:
- Rob Palumbo (5.6%), co-managing partner of the private equity firm Accel-KKR
- A group led by Theresia Gouw (2%), co-founder and managing partner of the venture firm Acrew Capital;
- Sue McCollum (1.7%), CEO/owner of alcohol distributors Eagle Brand Sales and Double Eagle Distributing.
- A group led by Tom Burger (1.4%), the co-founder and managing partner of Gridiron Capital. Burger’s group includes a trio of retired athletes who played in nearby Toronto — Jozy Altidore, Vince Carter and Tracy McGrady — whose pending purchase of Bills stakes had previously been reported by Sportico.
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