The Buffalo Bills have undergone quite the overhaul since they got bounced by the Kansas City Chiefs in the AFC Divisional round of the playoffs. Many players have departed, including star wideout Stefon Diggs, and now Buffalo may be changing ownership as well.

Owner Terry Pegula is selling a percentage of the organization with the help of Floridian investment banking group Allen & Company, via Tim Graham of The Athletic.

“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. “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.”

An anonymous source confirmed to The Athletic that the Pegulas are putting about 25 percent of the club up for sale. What brought this on, and what does it mean for the Bills moving forward?

The Bills are one of many sports teams that may be owned by a group going forward

© Charles LeClaire-USA TODAY Sports
Pegula, who also owns the NHL’s Buffalo Sabres, may have been overwhelmed running two different clubs. Speculations of a sale began when billionaire businessman dissolved his company Pegula Sports and Entertainment back in August. Pegula Sports was previously the parent company of both organizations, and the dissolution resulted in each team splitting into separate entities. Selling a stake in the Bills could be Pegula’s way of removing some of the burden off his back.

However, it’s unclear if he wants to actually sell part of the team, or share that slice of the pie with someone.

“Three sources with direct knowledge of the process stressed Pegula eventually might not sell part of the Bills, but for the first time, he’s ready to welcome a limited partner,” said Graham.

This may be unrealistic, though. Pegula may be better off taking the money, as the Bills’ new Highmark Stadium could skyrocket his overhead costs.

“The Pegulas are on the hook for any cost overruns on a stadium that initially was projected to cost $1.4 billion, although industry experts forecast the final price tag will be closer to $2 billion,” Graham continued. “The state’s contribution was capped at $600 million, while Erie County’s was capped at $250 million.”

If the final stadium costs do mount to the $2 billion, Pegula would have to pay around $1.2 billion of the fee. That’s almost as much as he bought the Bills for in 2014, a then-record $1.4 billion. Mixing in a new and expensive stadium with two sports teams is a lot to handle, even for one of the richest people in the world.

The most recent NFL sale was to an investment group led by American businessman Josh Harris, via The Athletic. The group purchased the Washington Commanders for $6.05 billion in 2023. Don’t be surprised if the Bills become the next team to follow a similar ownership model, given the rising costs of expenses.