Q New Media Editor / Chris Bundas –
Buffalo Sabres owners Terry and Kim Pegula are the new owners of the Buffalo Bills, killing any chance of the team ending up in Toronto.
The Pegulas’ $1.4 billion bid has been tentatively approved. The bid surpassed the Stephen Ross $1.1 billion purchase of the Miami Dolphins in 2009.
Pegulas went well above the Bills’ estimated value of $935 million to show how serious they were in purchasing the team. Pegulas also wanted to submit a bid would be significantly higher than other prospective ownership groups, that included the Toronto-based group led by Bon Jovi. The value of the Toronto groups’ bid has not been revealed.
The sale is subject approval by a three-quarters majority of the NFL’s other 31 owners, which is expected to come at league meetings Oct. 8.