Terry Pegula reaches agreement to buy Buffalo Bills

The Buffalo Bills have found their new owner.

Buffalo Sabres owner Terry Pegula has reached an agreement to buy the Bills, the team announced. NFL Media Insider Ian Rapoport reports the team will be sold for $1.4 billion, according to two sources informed of the situation.

The Pegulas have garnered great support from public officials and business leaders for their commitment to keep the Bills in western New York. The 63-year-old billionaire found success as a natural gas and real estate mogul.

"It's historic for Buffalo," a source informed of the process told Rapoport.

The league finance committee meeting is next week and Pegula could be in place as Bills owner by the Fall League Meeting in early October.

Rapoport reported that Kim Pegula, Terry's wife, will be heavily involved in the executive process and the making many key decisions, according to the source.

"From day one, keeping the Bills in Buffalo has been one of our administration's top priorities, and reports that Terry and Kim Pegula have been chosen as the team's new owners highlight a tremendous step toward making that goal a reality," New York Gov. Andrew M. Cuomo said in a statement.

"The Bills are an integral part of Western New York, from its economy to its culture, and as the team's new owners the Pegulas will ensure that the Bills remain at the core of the region's identity -- just as the late Ralph Wilson, Jr. did for 54 years."

The Cleveland Browns sold for approximately $1.05 billion in 2012. The Dolphins sold for a record $1.1 billion in 2009, a deal that included Sun Life Stadium.

The Bills hit the market after Ralph Wilson, the franchise's founding owner, passed away in March. Team president Russ Brandon has been running the team's operations.

The announcement of the sale came with the blessing of controlling owner Mary Wilson, widow of Ralph Wilson.

"This is a very important day in the history of the Buffalo Bills franchise," Mary Wilson said in a statement Tuesday. "Ralph brought professional football to Buffalo in 1959 and it was his life's passion. He loved his team and he cherished the fans and his legacy will remain for all-time. Ralph would have been pleased with the sale of the team to the Terry Pegula family, who has been so committed to Buffalo and the Western New York region.

"I sincerely wish Terry and Kim Pegula all the best with the Buffalo Bills and I'm happy for all Bills fans. Our hope is that this great franchise brings them as much excitement and joy as it did for Ralph and that they bring home a Super Bowl championship for Bills fans everywhere. Go Bills!"

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