The Buffalo Bills are preparing to inaugurate a fresh stadium for the 2026 season, potentially with a new minority owner on board. The Pegula family, who currently owns the team, has enlisted Allen & Company to explore the possibility of selling a non-controlling stake in the Bills. This move, however, would still leave Terry Pegula and his family with majority ownership.
The Pegulas, who also own the NHL’s Buffalo Sabres, have been subject to speculation about a transaction involving either the Bills or the Sabres since they separated the two clubs last year. The hiring of Allen & Co. has prompted discussions about selling around 25% of the team.
Allen & Co. previously represented Pegula during his acquisition of the Bills in 2014 for a then NFL-record $1.4 billion. Since then, NFL franchise values have skyrocketed, with recent sales such as the Carolina Panthers, Denver Broncos, and Washington Commanders fetching billions of dollars.
As of August, the Bills were valued at $4.13 billion, a 38% increase from the previous year, though ranking 29th among NFL teams. Terry Pegula initially amassed his fortune from the sale of his oil and gas firm’s assets, with his current net worth estimated at $6.8 billion.
The NFL, which has historically restricted private equity firms from purchasing team stakes, may soon approve institutional investments. This move aligns with a trend among team owners seeking to capitalize on the league’s escalating values and diversify their asset holdings.
Meanwhile, the Bills are in the process of constructing a new stadium adjacent to their current one, with funding from the state and Erie County. However, the project’s costs have escalated beyond the original estimate of $1.4 billion.
The Bills emphasized their ongoing commitment to Western New York, the new Highmark Stadium, their fans, and their other portfolio teams but declined further comment on the matter for now.
