21 April 2024 , 01:00
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The Pegula family, owners of the Buffalo Bills, have announced their intention to sell a minority stake in the NFL franchise. The Athletic reports that the family is looking to offload 25% of the team, while still retaining majority control.
"The Pegula family has retained Allen and Company to explore the potential sale of a non-controlling, minority interest in the Bills," a statement read.
The statement further clarified that only the Bills are involved in these discussions and any investment would require the Pegulas to maintain a controlling interest. "Their continued commitment to Western New York, the new Highmark Stadium, our fans and the other teams in their portfolio remains unchanged. Neither the team nor the Pegula family are able to comment further at this point."
The report also suggests that owner Terry Pegula may later decide to withdraw the minority stake from sale. The high valuations of NFL franchises, along with estate taxes, have made sole ownership challenging, leading the Pegula family to seek a limited partner.
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Last season was on track to be a standout year for the Buffalo Bills, who are among the 12 NFL teams yet to clinch a Super Bowl title. They made it to the divisional round but were knocked out by the eventual champions, the Kansas City Chiefs, in a surprising twist as they were the favourites to win.
The Chiefs continued their winning streak, defeating the Baltimore Ravens in the AFC Championship and then triumphing over the San Francisco 49ers in Las Vegas at Super Bowl LVIII. As 2024 approaches, Bills' star quarterback Josh Allen is calling on his team to transform themselves.
"It's kind of crazy to think that I'm going into my seventh season. It's just another opportunity to be the guy that I'm supposed to be and the guy that I believe I am," Allen reflected.
Terry Pegula eventually could decide not to sell part of the Bills (Getty)The Bills have also made a significant move by trading their leading wide receiver Stefon Diggs to the Houston Texans.
"With this, there is a lot of opportunity for our guys that are in that room right now, as an offense, and really as a team to evolve and grow and become a new version of the Buffalo Bills and to come together as a team over the course of OTAs," Allen expressed.
With Diggs gone, it's time for players like Khalil Shakir to rise to the occasion, along with newcomer Curtis Samuel. "Bringing in Curtis Samuel, the different things that he can do. Pairing him along with Khalil, who came along last year especially later half of the season," said an upbeat Allen.