Sabres owner to buy the Buffalo Bills - Cleveland 19 News Cleveland, OH

Sabres owner to buy the Buffalo Bills

The Buffalo Bills seem to have a new owner, and no, it's not Jon Bon Jovi.  According to the New York Post, Terry and Kim Pegula, the owners of the Buffalo Sabres, have reached what is called "a definitive agreement" to purchase the team. 

After the passing of Ralph Wilson, the team's former owner and founder, rumors began to circulate about the Bills' future in Buffalo.  The Pegulas have maintained a commitment to keep the team in the region.   All the Pegulas need is approval from a three-quarters majority of NFL owners.  The league meetings are expected to begin Oct. 8.

The Pegulas' got their start in the natural gas industry and their net worth is estimated at $3.5 billion.  The Bills franchise was valued at just under $1 billion.

The Pegulas can own both the Bills and the Sabres since they are in the same market, according to NFL ownership rules.

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