The Buffalo Bills are 1-0 and are on the verge of more great news as Buffalo Sabres owner Terry Pegula is very close to becoming the owner of the team.
ESPN NFL Insider Adam Schefter was the first with the report and he added that the process is “moving fast” and Pegula is expected to be named the teams next owner in the coming days.
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Buffalo Sabres owner Terry Pegula is on verge of buying the Buffalo Bills, per league sources, and the process is said to be "moving quick."
— Adam Schefter (@AdamSchefter) September 9, 2014
According to the ESPN report, three parties submitted bids for the Bills and the sabers owner is looking like the runaway favorite at this point and time.
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“The other groups submitting bids were led by New York City real estate mogul Donald Trump, and a Toronto group led by rocker Jon Bon Jovi. The bids were submitted to Morgan Stanley, the banking firm overseeing the sale process on behalf of late owner Ralph Wilson's estate. Three of the people said the estate issued purchase agreements to at least four groups, and potentially five. The other groups' identities are not known, and it's unclear if they submitted bids.”
U.S. Sen. Charles Schumer has been overseeing the selling process and had recently had a sit down discussion with Pegula and NFL commissioner Roger Goodell concerning the sale. The Bills are valued at $935 million by Forbes, but are expected to sell well into the $1 billions.
Pegula is expected to keep the Bills in Buffalo, but the team has a one-time out clause of their lease at Ralph Wilson Stadium in 2019.
[ESPN]
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