NFL owners ratify Pegulas' purchase of Bills franchise

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One of the final hurdles for the transfer of ownership of the Buffalo Bills from the Wilson family estate to Terry and Kim Pegula was completed Wednesday morning in Manhattan as the league's owners unanimously approved the Pegulas' purchase of the Bills NFL franchise.

The Pegulas needed three-quarters of the vote from the 32 league owners, including the Wilson estate for their purchase of the club to be ratified.

"I'm doing pretty well," said Terry Pegula after the owners' meetings took a mid-morning break. "Kim and I are honored that the NFL owners have approved us as the new owners of the Buffalo Bills. And we'd like to thank the owners for their support. This is a significant step in us owning the team, but we still don't own it yet. There's a small manner of having to pay some money. Wires have to sent from banks and paperwork has to be signed and what not, but we'll get that done."

The NFL's Finance Committee unanimously approved the Pegulas' financial bid for the club on September 17 after the Wilson family trust reached a definitive agreement on September 9.

The only remaining step in the ownership transfer process is the actual purchase transaction, which is expected to take place in the coming days. Pegula said he expects to address the media again on Friday as he and his wife Kim expect to be official owners of the NFL franchise at that time.

The Bills owner has passed away at the age of 95.

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