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IRVING, Texas — Basketball legends Vince Carter and Tracy McGrady are now part of the Buffalo Bills’ ownership group as limited partners, marking a historic moment as it is the first time in the franchise’s history that minority ownership has been added.
The National Football League (NFL) team owners approved these minority interests during their winter meetings on Wednesday. Earlier this year, the NFL made changes to allow private equity funds to invest in franchises, easing some of the league’s previously strict ownership rules.
Other NFL teams are also in the process of securing limited partners, with the Miami Dolphins and Philadelphia Eagles announcing similar sales of minority interests, which were also approved at the meeting.
The Pegulas, Terry and Kim, who acquired the Bills from the estate of late Hall of Fame owner Ralph Wilson for $1.4 billion back in 2014, will maintain approximately 79% control of the franchise thanks to this new deal. According to discussions around the sale, the Bills are estimated to be valued at over $4.5 billion, implying that the Pegulas will benefit from over $927 million as a result of these new partnerships.
Carter and McGrady’s previous affiliations with the Toronto Raptors are believed to be beneficial for the Bills, as they could attract more fans from Toronto, which is around two hours away from Buffalo. Toronto is actively considered part of the Bills’ marketing area, with over 15% of season-ticket holders hailing from southern Ontario.
Jozy Altidore, a former U.S. National Team soccer player and MLS Champion, is also among the newly appointed limited partners.
In addition to Carter, McGrady, and Altidore, there are seven other partners set to finalize agreements, including the private investment firm Arctos, Rob Palumbo of Accel-KKR, beverage distribution executive Sue McCollum, venture capitalist Theresia Gouw of Acrew Capital, Rob Ward of Meritech Capital, Bank of America’s Mike Joo, and investment manager Tom Burger from Gridiron Capital.
Terry Pegula expressed his excitement about bringing in new partners, noting that collaboration is key. He emphasized the importance of diversified input, particularly highlighting his aim to involve women in ownership roles as well. He reflected on the influence of his late wife, Kim, who is recovering from a serious cardiac arrest she suffered in June 2022.
In related news, Dolphins’ owner Stephen Ross announced an investment partnership with Ares Management, alongside Brooklyn Nets owners Joe Tsai and Oliver Weisberg. This agreement covers assets such as Hard Rock Stadium and the Miami Grand Prix, expanding Ross’s sports and entertainment endeavors in South Florida. Ares Management will acquire a 10% stake, while Tsai and Weisberg will collectively hold a 3% interest, pending the closure of the agreements.
The Philadelphia Eagles are set to sell an 8% interest in their franchise, with the approval of the transaction hinting towards agreements with two family investment groups, although details remain confidential until officially announced.
Notably, Tom Brady, the iconic seven-time Super Bowl champion, had previously secured a minority stake in the Las Vegas Raiders, which was sanctioned by NFL team owners in October.
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