Pegula exploring sale of minority stake in Bills

Bills owner Terry Pegula is exploring the sale of a minority stake in the team, though the Bills "declined to say how much of the team is being sold." Pegula has hired investment bankers Allen & Company to "handle the potential transaction." A source said that the “working figure is 25 percent, with the number not set in stone.” For the first time, Pegula is “ready to welcome a limited partner” (THE ATHLETIC, 4/19). Selling a minority stake in the team “would be worth hundreds of millions of dollars” to the Pegulas at a time when they are “facing soaring financial obligations from the new stadium construction project.” Sources said that what started as a $1.3B project is “now projected to cost more than” $1.7B and could “end up being closer to” $2B. But “all cost overruns are on the team” (BUFFALO NEWS, 4/19).