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Report: Bills putting 25 percent of team up for sale

The Pegula family is putting a minority interest in the Bills up for sale.

The Bills confirmed the news to Tim Graham of but declined to reveal how much of the team is for sale. Graham reports that the “working figure is 25 percent, with the number not set in stone.”

“The Pegula family has retained Allen & Company to explore the potential sale of a non-controlling, minority interest in the Bills,” the team said Friday in a statement to Graham. “These discussions only involve the Bills and no other team. No investment would be possible without Terry Pegula and the Pegula family maintaining a controlling interest in the team. 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.”

Graham said Terry Pegula eventually could decide not to sell part of the Bills, but he is listening to offers to become a limited partner. The skyrocketing valuations of NFL teams and the estate taxes have made it difficult for sole ownership.

Forbes estimated the Bills are worth $3.7 billion in August 2023. Terry and Kim Pegula used cash to purchase the team for a then-record $1.4 billion in 2014.

The Commanders recently sold to a group headed by Josh Harris for $6.05 billion.

Unlike other professional sports, the NFL does not allow owners to sell a limited-partnership stake to private equity firms.

The Bills’ new stadium was projected to initially cost $1.4 billion but could be closer to $2 billion, per Graham, and the Pegulas are responsible for any cost overruns with the state’s contribution capped at $600 million and Erie County’s at $250 million.