The Pegula family plans to sell a significant portion of their stake in the NFL's Buffalo Bills.
Businessman Terry Pegula, who owns the team alongside his wife Kim, has enlisted the services of Florida-based investment bankers Allen & Company to manage a potential transaction, according to journalist Tim Graham of The Athletic.
The Pegulas are reportedly considering selling 25 percent of the team as a preliminary figure, although this figure is subject to change.
Despite the potential sale of a significant portion of the team, the Pegula family is set to retain control of the franchise.
"No investment would be possible without Terry Pegula and the Pegula family maintaining a controlling interest in the team," the Bills said in a statement to Graham.
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Terry and Kim Pegula acquired the Bills in 2014 from previous owner Ralph Wilson for a then-NFL record $1.4 billion. Forbes estimates the team's worth to be $3.7 billion in 2023.
Increased costs of running the Bills could be a factor in Pegula's sale
The prevalence of family sole ownership in sports has diminished due to escalating valuations and the growing estate taxes.
Additionally, the Pegulas are facing extra expenses for the Bills' new stadium, initially projected at $1.4 billion but now anticipated to be $1.7 billion.
The owners are legally required to cover the costs of any overruns, which now stand at around $300 million.
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