1 month ago
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Author of the article:
The Associated Press
Rob Maaddi
Published Dec 11, 2024 • Last updated 27 minutes ago • 2 infinitesimal read
IRVING, Texas (AP) — NBA Hall of Famers and erstwhile Toronto Raptors Vince Carter and Tracy McGrady are among 10 constricted partners who person joined the Buffalo Bills’ ownership group.
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The noncontrolling, number interests were approved Wednesday by NFL squad owners astatine the league’s wintertime meetings. This is the archetypal clip successful franchise past that number owners person been added.
Terry and Kim Pegula bought the Bills for $1.4 cardinal from the property of precocious Hall of Fame proprietor Ralph Wilson successful 2014. Forbes astir precocious valued the Bills astatine $4.2 billion. The Pegulas volition clasp 79% power of the team, a idiosyncratic with cognition of the merchantability told The Associated Press. The idiosyncratic spoke to the AP connected information of anonymity due to the fact that the Bills haven’t revealed details.
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Former U.S. National Team shot subordinate and Toronto FC prima Jozy Altidore is among the caller constricted partners.
The remaining 7 partners, pending last closing of the agreements, include: Private concern steadfast Arctos, Rob Palumbo, co-managing spouse of Accel-KKR; Sue McCollum, CEO and proprietor of beverage organisation companies Eagle Brand Sales and Double Eagle Distributing; Theresia Gouw, co-founder and managing spouse of the task superior steadfast Acrew Capital; Rob Ward, co-founder, wide spouse of task superior steadfast Meritech Capital; Mike Joo, COO, Global Corporate and Investment Banking and Head of North America Corporate and Investment Banking astatine Bank of America; Tom Burger, co-founder and managing spouse of the concern steadfast Gridiron Capital.
NFL squad owners approved a measurement earlier this twelvemonth that allows investments into franchises by backstage equity funds. The league’s ownership rules had been among the astir restrictive successful nonrecreational sports.
Other teams besides are successful the process of finalizing the summation of constricted partners. Seven-time Super Bowl champion Tom Brady already purchased a number involvement successful the Las Vegas Raiders successful a woody approved by NFL squad owners successful October.
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“This has been an unthinkable travel to adhd specified an awesome and divers radical of constricted partners on with a reputable backstage equity spouse successful Arctos that has an extended way grounds of occurrence with nonrecreational sports franchises,” Terry Pegula said successful a statement.
“They each person achieved precocious levels of occurrence successful their respective industries and we’re grateful for their involvement successful our team, our sport, and the aboriginal of the Buffalo Bills. Most of them person a idiosyncratic attachment with our team, Western New York oregon Southern Ontario which was a precise important origin to me.”
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AP Sports Writer John Wawrow successful Orchard Park, New York, contributed to this report.
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AP NFL: https://apnews.com/hub/NFL
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