Former Athletes Seeking Minority Ownership In Buffalo Bills
Becoming part owners in sports franchises has become the path to take for both current and former athletes. And news has come out that some former athletes are seeking a minority ownership stake in the Buffalo Bills. Just this week Tom Brady and Hall of Famer Richard Seymour were approved to become minority owners in the Las Vegas Raiders. Former Olympic gold medalist Dominique Dawes recently became a minority owner of the Atlanta Falcons. And there have been many others to join the ranks of ownership so this trend is not going away anytime soon.
Currently former NBA stars Vince Carter and Tracy McGrady and former U.S. Soccer star Jozy Altidore are in talks to buy minority stakes in the Buffalo Bills. All of them played in the city of Toronto. This is according to multiple people familiar with the negotiations who were granted anonymity because the details are private. The Buffalo Bills are owned by the Pegula family who are looking for investors. They hired Allen & Co. to help explore the sale of a non-control stake, which was reported to be around 25%.
NFL Commissioner Roger Goodell has made it clear that he wants to open ownership ranks to more diverse investors. And as it happens, Carter, McGrady and Altidore are black. Carter and McGrady played for the Toronto Raptors and Altidore for MLS club Toronto FC. While the Buffalo Bills have played multiple games in Toronto. However, nothing has been signed and it is possible that the investments do not happen, the sources said. But the shared Toronto background of the athletes and the Bills owners is an interesting connection.
Former Athletes Seeking Minority Ownership In Buffalo Bills
The Buffalo Bills issued the following statement:
“Earlier this year, the Pegula family retained Allen & Company to explore the potential sale of a non-controlling, minority interest in the Bills. Since then, there has been a significant amount of interest, and our focus has been on finding the right partners for our organization. The process is on-going, and any potential investor cannot be confirmed or finalized until it is approved by the NFL. “The Pegula family’s continued commitment to our fans across this region and beyond, Western New York, and the new Highmark Stadium remains unchanged. Neither the team nor the Pegula family can comment any further at this point.”
According to Sportico the Pegulas purchased the Bills in 2014 for $1.4 billion. Now the franchise is valued at $5.08 billion. So yeah getting into minority ownership is profitable.
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