‘Interest has been high’ in search for limited ownership partner

The Highmark Stadium building could soon welcome new tenants.

The Athletic’s Tim Graham reported in mid-April that Buffalo Bills owner Terry Pegula was considering selling up to 25 percent of the franchise, hiring investment bank Allen & Company to handle the potential sale. ‘a percentage of the team’s equity to a sponsor. . Although all current discussions are in the early stages, several parties are interested in joining the Buffalo ownership group.

Newly hired Bills COO Pete Guelli recently spoke about the search for a limited partner with Buffalo News editor Ryan O’Halloran, telling the reporter there is significant outside interest in owning a percentage of the team.

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“I can tell you the interest has been high,” Guelli told O’Halloran. “You don’t know what the market is and there are only so many people in play at that level. It’s been very active, which is encouraging.

“Many people have proactively contacted us and would like to be a part of what we are building here. So we’re taking a very deliberate strategic approach. »

Graham reported in April that 25% was the number mentioned as available for purchase, reiterating that “the number (was) not set in stone” and that Pegula might ultimately choose not to sell any part of the team . Guelli told O’Halloran that the equity discussed with potential parties was between “20% and 25%,” noting that those numbers had been “tossed around” and “it’s fluid.”

No party has publicly expressed interest in owning a percentage of the team, although O’Halloran noted on X in late May that DoubeLine Capital founder Jeffery Gundlach had been spotted at team-organized activities from Bills. Originally from Amherst, New York, the billionaire still has ties to his home region; Buffalo’s famous Albright-Knox Art Gallery was recently renamed the Buffalo Albright-Knox-Gundlach Art Museum thanks to his financial contributions. Gundlach’s potential interest in the team’s equity is pure speculation at this point.

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According to O’Halloran, the team is open to hosting a limited partner within the ownership team or a small group, depending on its investors.

“I think there are people who could come in and be a perfect match, but we would consider a union if it was the right group of people,” Guelli told O’Halloran.

The search for a limited ownership partner coincides with the construction of a new stadium directly across the street from the team’s current home in Orchard Park, New York; the new structure is expected to open in time for the 2026 NFL season. Replacing the team’s 50-year-old stadium with a state-of-the-art venue would, in theory, increase the value of the franchise. Pegula reportedly transferred a small stake to his daughter, Laura, sometime after the 2023 NFL owners meetings.