ORCHARD PARK, N.Y. — The Buffalo Bills have made franchise history announcing that they have added 10 limited partners to their ownership group. It's the first time in the team's history that minority owners have been added.
The NFL gave their approval Wednesday at the NFL meetings in Dallas.
WGRZ NFL Insider Vic Carucci said that this move was a good one for the Pegula family and the organization as a whole.
"This was a no-brainer for Terry Pegula. He has a football franchise that has a valuation of about $5 billion, and now with a minority investment stake given to these equity investors, he's getting an infusion of cash of upwards of $1 billion," Carucci said.
"When you have something valued at that much and you have investors that basically want to throw money at you to be a part of it, you've got to do it."
The list of those new partners pending final closing approval includes:
- Arctos, a private investment firm that provides bespoke growth and liquidity solutions, differentiated thought partnership and value creation services to sports franchises
- Rob Palumbo, Co-managing partner of Accel-KKR, technology-focused private equity firm
- Sue McCollum, CEO and owner of beverage distribution companies Eagle Brand Sales and Double Eagle Distributing
- Theresia Gouw, Co-founder and managing partner of the venture capital firm Acrew Capital
- Rob Ward, Co-founder, general partner of venture capital firm Meritech Capital
- Mike Joo, COO, Global Corporate & Investment Banking and Head of North America Corporate & Investment Banking at Bank of America
- Tom Burger, Co-founder and managing partner of the investment firm Gridiron Capital
- Vince Carter, Former NBA player; member of Basketball Hall of Fame
- Tracy McGrady, Former NBA player; member of Basketball Hall of Fame
- Jozy Altidore, Former US National Team Soccer Player and MLS Champion
"This has been an incredible journey to add such an impressive and diverse group of limited partners along with a reputable private equity partner in Arctos that has an extensive track record of success with professional sports franchises," said Bills Owner/CEO Terry Pegula in a press release.
"They all have all achieved high levels of success in their respective industries and we're grateful for their interest in our team, our sport, and the future of the Buffalo Bills. Most of them have a personal attachment with our team, Western New York or Southern Ontario which was a very important factor to me."
The list includes two women, something that Carucci mentioned could be a smart move as the Pegula family moves forward.
"Terry pointed out, bringing in these new investors that includes, two very accomplished women, is something to look at for his daughters and these younger women in the field of sports business," Carucci said.
Even if it comes with some certainty, Carucci has no doubt this was a smart move for the organization.
"Its I think leading to much more growth and in the long term it can only be good news for Terry Pegula as an individual owner of a team, his family and also for the Bills and the community as a whole. I think this really can have long term benefits," Carucci said.
To read each new partners bio click here. See the Bills full social media post attached below for more.