Buffalo Bills Sale To Terry, Kim Pegula From Ralph C. Wilson Jr. Estate Unanimously Approved By NFL Owners

The National Football League announced Wednesday, Oct. 8, morning that Terry and Kim Pegula have been officially approved by a unanimous vote of team owners as the new owners of the Buffalo Bills, buying the team from the estate of Ralph C. Wilson Jr.

BREAKING: NFL owners have unanimously approved the purchase of the Buffalo Bills by the Pegula family https://t.co/I4FurK0Iko

— Buffalo Bills (@buffalobills) October 8, 2014

According to Sports Illustrated, the Pegulas needed a three-quarters majority to seal the deal, though the league's owners ended up voting unanimously in favor of the $1.4 billion sale. The vote took place in New York City, at the NFL's fall owners meeting.

This was one of the last steps in finalizing the transfer of the team from the Wilson family estate to the Pegulas, as noted on the team's official website. On Sept. 17, the NFL's Finance Committee unanimously approved the Pegolas' bid, just more than a week after the two families had come to an agreement.

"I sincerely wish Terry and Kim Pegula all the best with the Buffalo Bills and I'm happy for all Bills fans," controlling owner Mary Wilson said in a statement at the time. "Our hope is that this great franchise brings them as much excitement and joy as it did for Ralph and that they bring home a Super Bowl championship for Bills fans everywhere. Go Bills!"

The team's former owner, the late Pro Football Hall of Famer Ralph C. Wilson Jr., requested prior to his death that a large portion of the sale of the team would go to charities in Buffalo and Detroit. The amount of the donation is expected to be upward of $300 million.

As for the Pegulas, this is not the first foray into professional sports for Terry. The local business leader and natural gas tycoon also owns the National Hockey League's Buffalo Sabres, the American Hockey League's Rochester Americans and the National Lacrosse League's Buffalo Bandits.