Pegula family looking to sell 'non-controlling, minority interest' of the Buffalo Bills

Published: Apr 19, 2024 Duration: 00:01:53 Category: News & Politics

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Two on your side has in fact confirmed that the Pegula family is considering selling a minority stake in the Buffalo Bills. According to a spokesperson, a New York City based investment firm has been retained to explore the potential two on your side's Nate Benson joins us in the studio. So Nate, what have you learned? Yes, Scott and Mariel sources, I've spoken to say this seems to be a financial decision more than anything and that selling a minority stake in the team will help pay for any unforeseen construction costs at the new stadium. A spokesperson for the bill says the Pegula family has hired Allen and company to handle the sale, but the family is not interested in selling unless they maintain controlling interest in the team. As for cash, the stadium has jumped in price from $1.4 billion to 1.7 billion and it's possible it could go even higher. Now, the Pegula families responsible for any cost overages on the project, New York State and the county have already put in $850 million towards building the new stadium. And while the team is selling personal seat licenses to offset the costs, even more money may be needed. They need to be sure they'll have enough money to build the right building that will work in, in Western New York for, for Bills fans for generations to come. Uh If he is getting ahead of that and saying, look, it's better that I have more capital available if I need it. That's a very smart business move on his part. Right now. There's a rule in the NFL that private equity firms cannot invest in NFL teams. But a new rule is being considered by the league that would allow private equity firms to buy minority shares in teams. Mark Ganis says Terry Pula is setting himself up for a possible rule change is a from a business standpoint. Now I reached out to the state for comments since they invest, invested so much money in the new stadium project. A spokesperson for the governor said the bills notified the state about the potential sales shortly before it was officially announced on your side. Nate Benson channel two news.

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