Buffalo Sabres owner Terry Pegula won the winning bid for the Buffalo Bills franchise with $1.4 billion.
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NFL spokesman Greg Aiello announced on Twitter that Terry and Kim Pegula were unanimously approved as the new owners of the Buffalo Bills shortly after the meetings got underway.
Terry & Kim Pegula are unanimously approved as the new owners of the #BuffaloBills. Congrats to the Wilson & Pegula families.
— Greg Aiello (@gregaiello) October 8, 2014
The vote is the final step in the process of transferring ownership from the family of the late Ralph Wilson to the Pegulas, a transaction that cost the new owners $1.4 billion while winning them huge support in the Buffalo community because of their commitment to keeping the team in town while bidding against others with less clear plans about the location of the franchise in the future.
Keeping the franchise in place will likely mean the construction of a new stadium at some point in the not too distant future, with the Pegulas reportedly looking for a downtown site that’s close to the arena used by the Buffalo Sabres, the NHL franchise that they also own.
The lease on Ralpha Wilson Stadium does not expire until 2022, however, the team can opt out with a lesser penalty in 2020.