IRVING, Texas (AP) — NBA Hall of Famers and former Toronto Raptors Vince Carter and Tracy McGrady are among 10 limited partners who have joined the Buffalo Bills’ ownership group.
The noncontrolling, minority interests were approved Wednesday by NFL team owners at the league’s winter meetings. This is the first time in franchise history that minority owners have been added.
Terry and Kim Pegula bought the Bills for $1.4 billion from the estate of late Hall of Fame owner Ralph Wilson in 2014. Forbes most recently valued the Bills at $4.2 billion. The Pegulas will retain 79% control of the team, a person with knowledge of the sale told The Associated Press. The person spoke to the AP on condition of anonymity because the Bills haven't revealed details.
Former U.S. National Team soccer player and Toronto FC star Jozy Altidore is among the new limited partners.
The remaining seven partners, pending final closing of the agreements, include: Private investment firm Arctos, Rob Palumbo, co-managing partner of Accel-KKR; Sue McCollum, CEO and owner of beverage distribution companies Eagle Brand Sales and Double Eagle Distributing; Theresia Gouw, co-founder and managing partner of the venture capital firm Acrew Capital; Rob Ward, co-founder, general partner of venture capital firm Meritech Capital; Mike Joo, COO, Global Corporate and Investment Banking and Head of North America Corporate and Investment Banking at Bank of America; Tom Burger, co-founder and managing partner of the investment firm Gridiron Capital.
NFL team owners approved a measure earlier this year that allows investments into franchises by private equity funds. The league’s ownership rules had been among the most restrictive in professional sports.
Other teams also are in the process of finalizing the addition of limited partners. Seven-time Super Bowl champion Tom Brady already purchased a minority stake in the Las Vegas Raiders in a deal approved by NFL team owners in October.
“This has been an incredible journey to add such an impressive and diverse group of limited partners along with a reputable private equity partner in Arctos that has an extensive track record of success with professional sports franchises,” Terry Pegula said in a statement.
“They all have achieved high levels of success in their respective industries and we’re grateful for their interest in our team, our sport, and the future of the Buffalo Bills. Most of them have a personal attachment with our team, Western New York or Southern Ontario which was a very important factor to me.”
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AP Sports Writer John Wawrow in Orchard Park, New York, contributed to this report.
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AP NFL: https://apnews.com/hub/NFL
Rob Maaddi, The Associated Press
