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

Published: Apr 19, 2024 Duration: 00:02:47 Category: News & Politics

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The Buffalo. Bills are for sale. At least part of them are good evening everyone. I'm Mary Alice Demmler Scott has the night off. A spokesperson announced today that the Pegula family is looking to sell a minority share of the Buffalo Bills. Two on your sides. Nate Benson has been following the story for us all day and he joins me now. So Nate, the big question is why now? Yeah, Mary A, it really comes down to the fact that stadium costs are rising and the Paulas are on the hook for paying any overages for this project. It has been 3479 days since Terry Pegula stood behind a podium at the Bills fieldhouse in front of his family, elected leaders in the media and said my name is Terry Paulla and the Paulas just bought a football team and 3479 days later, the Paulas are looking to sell part of the team. In a statement sent to Wgrz, a spokesperson for the bill said in part, the Pegula family has retained Allen and company to explore the potential sale of non controlling minority interest in the Bills these discussions only involve the Bills and no other team. The team added that no investment would be made possible without Terry Pegula and the Pegula family maintaining a controlling interest in the team. So why now all signs point to the cost of the new stadium. The cost of doing business for them is changing rapidly again. With the construction of this stadium with other costs associated with the Sabers. The stadium was originally slated to cost $1.4 billion. But before the steel ever stretched into the sky, the cost inflated to 1.7 billion and it could be even higher. Now, inflation and particularly construction inflation has accelerated. It is much more expensive to build today than it was just three years ago. New York State and Erie County have committed a collective $850 million for the new stadium but any overage costs on the project have to be paid for by the Paulas. While the bills are selling personal seat licenses for the new stadium, those might not generate enough money if the construction cost continue to rise. While some fans may be confused about the timing of the sale mark. Gana says that Pegula is setting himself up for success if the league changes a rule that currently doesn't allow private equity firms to invest in NFL teams, there's an expectation that private equity in one form or another will be allowed to invest in the NFL. Now, even though the bills confirmed all of this today. Sources tell me not to expect a sale to happen overnight, especially with the league not expecting to decide on that private equity rule until later this year. On your side, Nate Benson channel two news.

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