NEW YORK, Oct. 8 (UPI) -- NFL owners unanimously approved the sale of the Buffalo Bills to Terry and Kim Pegula after a vote in New York City Wednesday.
The sale is expected to be finalized by the end of the week after payment is made.
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Buffalo Bills have been purchased by Terry and Kim Pegula UPI/Brian Kersey | License Photo
"This is a significant step in us owning the team.'' Terry Pegula told ESPN. "There's a small matter of having to pay some money and we'll get that done.''
The Pegulas beat a group of investors led by Jon Bon Jovi and Donald Trump. They already own the Buffalo Sabres hockey team.
"If you had asked me 10 years ago if I would own the Bills and the Sabres, I'd have called you a liar," Pegula said.
The Pegulas bought the team from the family of Ralph Wilson for $1.4 billion. Wilson originally bought the team for $25,000 in 1959, but Pegula said he still considers the purchase "a hell of a deal."
The sale was also praised by New York politicians for the guarantee that the Bills will remain in New York.
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"Today, all of western New York can yell out, 'Touchdown!' because we have secured long-term owners for the Bills who are fully committed to keeping the team in Western New York for generations,'' Sen. Charles Schumer, D-N.Y., said.
The Pegulas were allowed to own both the Sabres and the Bills as they are in the same market rather than competing ones.
Terry Pegula earned his net worth of $3.5 billion through his work in the natural gas industry.
