The Buffalo Bills will announce on Tuesday that Terry and Kim Pegula have struck a tentative deal to purchase the team which has been for sale since the March death of Ralph Wilson Jr., the team’s owner since its inaugural 1960 AFL season.
Sources confirmed that the couple’s offer of about $1 billion outdistanced every other bidder, and that one source called it a “Done deal.” Other suitors included billionaire entrepreneur Donald Trump and a Toronto based consortium fronted by rock star Jon Bon Jovi.
The Buffalo News reported that Team Pegula was the strongest ownership contender and was the most likely candidate to keep the Bills in Buffalo for the long term. The team faces challenges, such as a struggling local economy, an outdated, 41-year-old stadium, and ten straight losing seasons.
The sale is contingent on the approval of the sale by the NFL’s owners, who are expected to give their okay, reported the News. Both parties will meet again on Oct. 7 and 8 in Manhattan.
Ralph Wilson, who enjoyed two AFL championships but no Super Bowl wins, bought the franchise for $25,000.