Pegulas exploring sale in minority stake of Buffalo Bills

Published: Apr 18, 2024 Duration: 00:04:24 Category: News & Politics

Tags : Football money Buffalo Bills Stakes Pegulas

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FOLLOWING BREAKING NEWS CONCERNING THE BUFFALO BILLS TODAY. THE TEAM CONFIRMING THE PEGULA FAMILY IS OPEN TO SELLING A NON-CONTROLLING MINORITY INTEREST IN THE HOMETOWN TEAM. AND JOINING ME NOW TO DISCUSS WHAT ALL THIS MEANS IS TIM GRAHAM, SENIOR WRITER FOR THE ATHLETIC WHO BROKE THE STORY THIS AFTERNOON. THANKS SO MUCH FOR BEING HERE TODAY. THANKS FOR HAVING MY FIRST TIME IN THE CHANNEL, 7, >> BEAUTIFUL. AND WE LOVE HAVING YOU HERE. IT'S A STORY EVERYONE IS TALKING ABOUT. LET'S START WITH THIS. WHAT WE LEARNED TODAY FROM THIS REPORTING AND TAKE US THROUGH, YOU KNOW WHAT, THE DETAILS HERE ARE THIS REPORT? YEAH. WHY ARE GOAL IS SELLING RIGHT NOW? WE DON'T REALLY KNOW. OTHER THAN LIQUIDITY IS NICE. AND THE NFL VALUATIONS ARE SKYROCKETING. >> AND WITH THAT BECOMES MORE AND MORE DIFFICULT FOR SOLE OWNERSHIP TO BE POSSIBLE IN THE NFL BECAUSE OF THE STATE RAMIFICATIONS OF IT. YOU KNOW, YOU'RE WILL AND ALL THIS TYPE OF OTHER THINGS. SO. GETTING IF THIS, IF THE SABRES OR EXCUSE ME, IF THE BILLS DO SELF ABOUT 25% OF THE STATE, WHICH IS WHAT MY SOURCES TELL ME, IT'S ROUGHLY THAT'S A WORKING NUMBER. IF THEY DO SELL 25%, THAT'S OVER A BILLION DOLLARS FOR USING A 4 BILLION DOLLARS VALUATION, WHICH IS A BALLPARK OF LIQUIDITY FOR TERRY PEGULA WHO? HAS. OBLIGATIONS FOR THE NEW IN 1.0, 4 BILLION WAS THE INITIAL ESTIMATED COST WITH THE STATE CAPPED AT 600 MILLION DOLLARS IN MONEY AND THE COUNTY CAPPED AT 250 MILLION DOLLARS. THE PEGULAS ARE ON THE HOOK FOR ALL OVERRUNS. AND THE LATEST ESTIMATE WAS 1.7 BILLION AND SOME INDUSTRY EXPERTS TELL ME THAT IT'S NOT GOING TO BE BUILT FOR ANYTHING PROBABLY WILL GET CLOSER TO 2 BILLION SO THAT THE IS ON THE HOOK FOR THOSE COSTS. LIQUIDITY IS SOMETHING THAT AREA BUT CERTAINLY INTERESTED ONE THING WE TALKED ABOUT, TOO, IS THEY'RE ALSO LOOKING AT RENOVATIONS DOWNTOWN AT THE ARENA FOR THE HOME OF THE BUFFALO THAT THAT LIQUIDITY COULD COME IN HANDY FOR THOSE TYPES OF THINGS. WHEN YOU TAKE A LOOK AT THIS AND THE INITIAL REACTION FROM FANS RIGHT IS CONCERNED ABOUT THE FUTURE, THE LONGEVITY OF THE TEAM HERE IN WESTERN NEW YORK WENT THE ENTIRE PROCESS OF THE NEW RECENT MOCKING THE TEAM HERE FOR THE LONG FUTURE. SHOULD FOLKS BE CONCERNED ABOUT WHAT THIS MEANS FOR THE FUTURE OF THE TEAM? NOT YET. NOT YET TERRY PEGULA STILL INTENDS ON KEEPING THE TEAM'S WITHIN HIS FAMILY. THE BUFFALO SABRES, THE BANDITS IN THE AMERKS I'M TOLD, ARE NOT FOR SALE IN WHOLE OR IN PART THAT THIS IS JUST THE BILLS, BUT THAT HE STILL WANTS TO KEEP EVERYTHING WITHIN THE FAMILY. THIS IS GOING TO BE FOR NONCONTROLLING INTEREST. THIS IS A LIMITED PARTNER. TERRY PEGULA IS GOING TO RUN THE TEAM. HE'S GOING TO MAKE ALL THE DECISIONS WILL HAVE THE FINAL SAY ON EVERYTHING IN AGREEMENT. HOWEVER, ANYBODY WHO WANTS TO SPEND THIS KIND OF MONEY AND LET'S JUST AGAIN REBUT PARKING IT HERE A BILLION DOLLARS THAT YOU'RE GOING TO INVEST IN YOUR OWN MONEY TO BUY 25% OR SO OF AN NFL TEAM. YOU'RE GOING TO WANT TO HAVE SOME SORT OF ABILITY TO ENJOY THIS INVESTMENT. THAT'S NOT TO SAY THAT YOU TO BE ABLE TO METAL OR DO YOU KNOW, GET UNDER THE HOOD AND DO SOMETHING YOURSELF. HOWEVER. THINGS THAT CAN BE NEGOTIATED INTO A DEAL. THE RIGHT OF FIRST REFUSAL. WE SEE OWNERS AND SPORTS ALL OVER THE PLACE USED TO BE LIMITED PARTNERS WITH ANOTHER TEAM OR WITH THAT GIVEN TEAM. SO IF TERRY PEGULA WERE WANT TO SELL THE TEAM OR HIS FAMILY WANTS TO SELL THE TEAM, THIS LIMITED PARTNER MAY WORKING WORDS IN THE CONTRACT TO THE EXTENT OF RIGHT OF FIRST REFUSAL TO THEN COME IN AND BUY THE REMAINING 75% OF THE TEAM. HISTORY. PEOPLE ARE WILLING TO DO THAT. I DON'T KNOW AS OF RIGHT NOW, IT SEEMS AS THOUGH HE IS JUST INTENT ON SELLING FOR INVESTMENT PURPOSES. ONLY AND HE WILL STILL REMAIN THE OWNER OF THE BUFFALO BILLS. JUST REAL QUICK ABOUT 10 SECONDS. YOU DO GET A SENSE OF HOW LONG THIS PROCESS COULD TAKE ME. WE BOTH COVERED THE LAST SALE OF THE ALONG THIS. THIS MAY OR MAY NOT HAVE THIS MAY NOT HAPPEN AT ALL. ACTUALLY, YOU KNOW, I DON'T NOTHING IS IMMINENT. THIS IS ALL IN VERY EARLY STAGES. THEY HIRED A ALLEN AND AN INVESTMENT BANKING BOUTIQUE FIRM. >> DOWN FLORIDA TO HANDLE THIS AND TO LOOK FOR POTENTIAL BUYERS. AS OF RIGHT NOW, IT'S JUST ALL VERY EARLY.

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