Pegulas reach agreement to buy Bills

Sep 9, 2014 - 7:30 PM Buffalo, NY (SportsNetwork.com) - Buffalo Sabres owner Terry Pegula and his wife Kim have reached an agreement to purchase the Buffalo Bills, the team announced Tuesday.

The Wilson family trust has reached a definitive agreement with the Pegula family, which transfers all interest in the Bills franchise to the Pegulas. The parties intend to submit the agreement for approval by the NFL owners at their meeting in New York City on Oct. 8.

The Buffalo News reported that the final sale price is believed to be in the neighborhood of $1.1 billion.

Mary Wilson, controlling owner of the team, said, "This is a very important day in the history of the Buffalo Bills franchise. 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.

"I sincerely wish Terry and Kim Pegula all the best with the Buffalo Bills and I'm happy for all Bills fans. Our hope is that this great franchise brings them as much excitement and joy as it did for Ralph and that they bring home a Super Bowl championship for Bills fans everywhere. Go Bills!"

Pegula and his wife were seen as the bidders most likely to keep the Bills in Western New York. Real estate mogul Donald Trump and a group fronted by rock star Jon Bon Jovi also submitted bids.

"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," New York Gov. Andrew M. Cuomo said in a statement.

"The Bills are an integral part of Western New York, from its economy to its culture, and as the team's new owners the Pegulas will ensure that the Bills remain at the core of the region's identity -- just as the late Ralph Wilson, Jr. did for 54 years. Terry and Kim have already shown their commitment to the region through the Buffalo Sabres and the construction of the HarborCenter development, and I look forward to working with them in the years to come to keep the Bills in Buffalo, where they belong."

Preliminary bids were submitted last month and final binding bids were due by 5 p.m. ET Monday to Morgan Stanley, the financial advisers representing Ralph C. Wilson's trust.

The Bills hit the market after Wilson, the franchise's founding owner, passed away in March. Team president Russ Brandon has been running the team's operations.