Bills sale to Pegulas earns NFL Finance Committee approval
The NFL's finance committee has unanimously approved the pending sale of the Buffalo Bills to Terry and Kim Pegula. The committee, which is made up of eight league owners, met Wednesday in Manhattan. The sale will be subject to a vote at the NFL's fall meeting early next month. Twenty-four of the league's 32 owners must approve the transaction.
NFL Executive Vice President Eric Grubman said today's vote was a "very big step."
"I think it's crucial. The finance committee is the committee of owners which is tasked with the responsibility of looking at the process and then looking at the owner very carefully from a financial and other perspectives, and they've done that," Grubman told reporters following the meeting.
The trust representing the estate of late owner Ralph Wilson chose the Pegulas' $1.4 billion dollar offer last week. It's the highest price ever paid for an NFL team.
"I think the Pegulas have done a great job. I think the trustees and their advisors did a great job. And I think everybody involved has a lot to be proud of about this process," Grubman added.
Terry Pegula, who also owns the Buffalo Sabres, made a brief statement following the meeting.
"Our ownership approval has to be voted on October 8 with the full ownership of the league. That's basically all we can say. As far as I'm concerned, we're not NFL owners until that vote is approved," Pegula said.