Pegula's bid to buy Bills OK'd by NFL committee

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Buffalo Sabres owners Terry and Kim Pegula's bid to buy the Buffalo Bills was unanimously approved by the league's finance committee.

The vote conducted Wednesday clears the way for NFL owners to formally approve the sale at league meetings next month. The Pegulas will require three-quarters majority approval from the 32 owners, including the trust overseeing late Bills owner Ralph Wilson's estate.

NFL executive vice president Eric Grubman provided the update shortly after the Pegulas' bid was approved at the meeting in New York.

"The Finance Committee of the National Football league has just met and has voted to unanimously recommend the Pegulas to be the next owners of the Buffalo Bills," Grubman said. "That recommendation will go to our owners at our next league meeting which is scheduled for October 8th."

Terry Pegula made a brief statement confirming the committee's approval.

"As you all know for the last few months we have been focused on acquiring the Buffalo Bills National Football League franchise," Pegula said flanked by his wife Kim. "We have passed the Finance Committee recommendation today. Our ownership approval has to be voted on October the 8th, the full ownership of the league. That's basically all we can say. As far as I'm concerned we're not NFL owners until that vote is approved, and we will have no further comments."

"I think it's very important for people to wait until they own the franchise before they become the spokesman and the Pegulas have been very respectful of that," said Grubman. "I think the Pegulas have done a great job. I think the Trustees and their advisors have done a great job. I think everybody involved has a lot to be proud of about this process."

The Pegulas will need three quarters of the vote from NFL owners for their bid for ownership to be approved.

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