Billionaire oil and gas magnate Terry Pegula will pay more than $1.2 billion for the Buffalo Bills, Forbes reports. It's a record price for an NFL team that doesn't own the stadium it plays in.
The Bills are widely considered to be one of the NFL's smallest market teams, but there's a belief among many in sports business that each of the NFL's 32 franchises is worth at least $1 billion. This report certainly jives with that notion.
Forbes recently estimated the Bills' value at $935 million. Pegula's estimated net worth is $3.3 billion.
According to Forbes, competing bids from a Toronto group (including Jon Bon Jovi) and Donald Trump came in at "around $1 billion" and below $900 million, respectively.
