The NFL owners have unanimously approved the Buffalo Bills to Buffalo Sabres owners Terry and Kim Pegula.
The Pegulas were approved by all of the 31 other NFL owners in a meeting in New York City Wednesday and made the sale official. The Pegulas beat out the likes of rock star Jon Bon Jovi and billionaire Donald Trump for the rights to the Bills.
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Terry & Kim Pegula are unanimously approved as the new owners of the #BuffaloBills. Congrats to the Wilson & Pegula families.
— Greg Aiello (@gregaiello) October 8, 2014
The Pegula’s spent $1.4 billion to acquire the franchise and needed three-quarters of the league's 31 owners to approve the final sale. The late Ralph Wilson paid $25,000 to buy the Bills in 1959.
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The family is allowed to own both the Sabres and the Bills because the franchises are set in the same market and a huge part of the sale was the guarantee that the Bills would stay in Buffalo. The Bills are rumored to be the one team that could make the move north of the border into Toronto.
Kim Pegula is expected to have a high-ranking role with the team with team president Russ Brandon. The Pegula’s made their money in the natural gas industry and have a net worth of more than $3.5 billion.
[ESPN]
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