The Bills will need to come up with $1.2 billion, and counting, for the team’s new stadium — due in part to more than a half-billion in cost overruns.
One way to make some money is to peel off some equity.
Via Ben Fischer of Sports Business Journal, the Bills have deals in place to sell more than 20 percent of the franchise. A group of business executives will buy 10.6 percent of the team, and private-equity firm Arctos Partners will buy 10 percent.
Both transactions will require NFL approval.
If the deals are approved, Terry and Kim Pegula will continue to own more than 79 percent of the team. They paid $1.4 billion for the franchise in 2014, buying it from the estate of Ralph Wilson.
The financial terms of the minority deals have yet to be reported. The valuation presumably is much higher than the price tag from a decade ago. The reality is that the Pegulas will recover most of what they paid for all of the team by selling off a little more than a fifth of it.
