The Buffalo Bills will soon have a new owner, and sources say Terry Pegula is the one who has shot to the the top of the bidding process.
Final bids for the team were due Monday, and sources close to the process say the Buffalo Sabres owner emerged on top. Other bids were reportedly submitted by Donald Trump and a group of Toronto-based investors led by Jon Bon Jovi.
But on Monday, sources close to the process say Terry Pegula seized control. Since his early entry into the process Pegula was seen as a frontrunner to purchase the Buffalo Bills, and with a net worth of more than $3.5 billion he was ahead of the pack.
Buffalo Sabres owner Terry Pegula is on verge of buying the Buffalo Bills, per league sources, and the process is said to be “moving quick.”
— Adam Schefter (@AdamSchefter) September 9, 2014
Today was the final day for binding bids to buy #Bills, which explains the timing issue. Source: “I’d be stunned if it’s not Terry Pegula.”
— Ian Rapoport (@RapSheet) September 9, 2014
Jon Bon Jovi had made headlines during the Buffalo Bills sale process, jumping into the mix amid reports that his group was looking to move the team to Toronto. The rocker denied those charges, even writing an open letter to Bills fans saying he was committed to the region.
But many fans and commentators saw the letter as a hollow promise, and reports indicated that Bon Jovi’s group struggled to compete with bids offered by Pegula and Trump.
Terry Pegula purchased the Buffalo Sabres in 2011, vowing to spend whatever money it took to make the team a contender. He has also pumped considerable money into downtown Buffalo, constructing a $123 million HarborCenter project that includes an ice rink, hotel and retail space.
Sources say the Buffalo Bills sale process could be completed early this week, with NFL owners voting to finalize Terry Pegula as the new owner next month.