Who Owns Buffalo Bills: Top Shareholders

The Buffalo Bills are more than just a football team; they are a cultural symbol of Western New York and a source of pride for their loyal fans. From their founding in the 1960s to their modern-day resurgence, the Bills have built a reputation for resilience, community spirit, and passionate support. With decades of history and unforgettable moments, the franchise has become one of the cornerstones of the NFL. Fans often ask who owns Buffalo Bills today, since ownership has played such an important role in keeping the team in Buffalo and shaping its future.

Buffalo Bills Profile

The Buffalo Bills is one of the most storied franchises in the NFL, representing Buffalo, New York, since 1960. They were part of the American Football League (AFL) before the 1970 AFL-NFL merger, and their legacy includes AFL titles, four consecutive Super Bowl appearances, and a passionate fan base known as the “Bills Mafia.” The team plays its home games at Highmark Stadium in Orchard Park and is set to move into a new stadium in 2026.

Founding and Early Foundations

The Buffalo Bills were founded by Ralph C. Wilson Jr. in 1959, when he invested $25,000 to secure one of the original AFL franchises. Wilson was already involved in football as a minority owner of the Detroit Lions, but sought greater control. He originally considered several cities, including Miami, but settled on Buffalo after assessing the region’s sports culture, stadium potential, and fan enthusiasm.

Ralph Wilson was known for his loyalty to Buffalo, famously declaring, “I’ll never move the team.” This promise became a cornerstone of the franchise’s identity, especially during later years when relocation threats loomed over small-market teams. Wilson owned the team until his passing in 2014, making him one of the longest-tenured owners in NFL history. His influence extended beyond the Bills; he was instrumental in ensuring the AFL’s survival by lending financial support to struggling franchises and later championed the AFL-NFL merger.

The team’s name, “Buffalo Bills,” was chosen to honor both the 1940s All-America Football Conference (AAFC) franchise of the same name and the legendary Wild West showman, Buffalo Bill Cody. The original uniforms featured blue and silver, later changed to the now-iconic red, white, and blue color scheme.

Stadium & Facilities

The Bills played their first home games at War Memorial Stadium, a multipurpose venue affectionately known as “The Rockpile.” In 1973, they moved to Rich Stadium (now Highmark Stadium), which offered modern amenities and a larger capacity. The franchise has played in Orchard Park ever since.

A new $2.2 billion Highmark Stadium is under construction, with an expected opening in 2026. Designed to seat around 62,000, it will feature modern facilities while preserving the open-air environment that has defined the Bills’ home-field advantage in harsh Buffalo winters.

Major Milestones

• 1959 – Franchise awarded
  Ralph C. Wilson Jr. secures an AFL franchise for Buffalo, paying $25,000 to establish the team.
• 1960 – First season begins
  The Bills play their inaugural season in the AFL under coach Buster Ramsey.
• 1964 – First AFL Championship
  The Bills defeat the San Diego Chargers 20–7, earning their first league title.
• 1965 – Back-to-back AFL Champions
  The Bills shut out the Chargers 23–0, cementing themselves as a powerhouse in the league.
• 1970 – AFL-NFL merger
  The Bills officially joined the NFL as part of the AFC East division after the merger.
• 1973 – Move to Rich Stadium
  The team relocates to Rich Stadium (later Ralph Wilson Stadium, then New Era Field, now Highmark Stadium).
• 1973 – O.J. Simpson’s record season
  Running back O.J. Simpson rushes for 2,003 yards, becoming the first player in NFL history to break the 2,000-yard mark in a season.
• 1983 – Drafting Jim Kelly
  The Bills select quarterback Jim Kelly in the first round of the NFL Draft. Though he initially played in the USFL, he would later become the face of the franchise.
• 1986 – Marv Levy hired
  The Bills hire Marv Levy as head coach, beginning the most successful era in franchise history.
• 1990 – First Super Bowl appearance
  The Bills reach Super Bowl XXV but lose a heartbreaking 20–19 game to the New York Giants after Scott Norwood’s missed field goal.
• 1990–1993 – Four consecutive Super Bowls
  The Bills make NFL history with four straight Super Bowl appearances, though they fail to win a title.
• 1991 – NFL attendance record
  The Bills set a single-season attendance record with 635,889 fans.
• 1999 – “Music City Miracle”
  The Bills lose a playoff game to the Tennessee Titans in dramatic fashion, starting a 17-year playoff drought.
• 2000–2016 – Playoff drought
  The Bills miss the postseason for 17 consecutive years, the longest drought in major North American sports at the time.
• 2014 – Ownership change
  Terry and Kim Pegula purchase the Bills for $1.4 billion following Ralph Wilson’s passing, ensuring the team remains in Buffalo.
• 2017 – Playoff return
  The Bills snap their 17-year drought, qualifying for the postseason under coach Sean McDermott.
• 2018 – Drafting Josh Allen
  The Bills select Josh Allen, who becomes the face of the franchise and an NFL MVP in 2024.
• 2020 – AFC Championship appearance
  The Bills reach the AFC Championship Game, signaling their resurgence as contenders.
• 2023 – New stadium groundbreaking
  Construction begins on the new Highmark Stadium, set to open in 2026.
• 2024 – Franchise valuation surge
  A minority stake is sold to private equity investors, valuing the Bills at approximately $5.6 billion.
• 2024 – Josh Allen named NFL MVP
  Josh Allen wins the NFL MVP award after leading the Bills to another AFC East title.
• 2025 – AFC powerhouse
  Entering 2025, the Bills have won five consecutive AFC East titles and remain one of the NFL’s most dominant teams.

Who Owns Buffalo Bills: Largest Shareholders

The Buffalo Bills are owned by Terry and Kim Pegula, who purchased the franchise in 2014 for $1.4 billion after the passing of founding owner Ralph Wilson. The Pegulas are widely credited with keeping the Bills in Buffalo, as other bidders had relocation plans.

While the couple originally maintained 100% ownership, in 2024, a minority stake of about 20.6% was sold to private equity investors, valuing the franchise at approximately $5.6 billion.

Despite this transaction, the Pegulas retain full controlling interest, ensuring all major decisions remain with them.

Below is a list of the major shareholders of the Buffalo Bills as of September 2025:

Terry Pegula – 62.5% Ownership

Terry Pegula holds the largest individual stake in the Buffalo Bills, owning approximately 62.5% of the franchise. As principal owner, Pegula is responsible for the long-term vision, financial backing, and stability of the team. His leadership ensures the Bills remain in Buffalo, and he has overseen major investments such as the upcoming $2.2 billion Highmark Stadium. His influence extends to league-level matters, and he is seen as the ultimate decision-maker on franchise-defining moves.

Kim Pegula – 16.9% Ownership

Kim Pegula owns about 16.9% of the Buffalo Bills. She has historically played an active role in the business operations of the team through Pegula Sports and Entertainment. Kim has been a trailblazer as one of the few women in NFL ownership with operational control. While her health has limited her direct involvement in recent years, her share ensures she remains a key part of the ownership structure.

Arctos Partners – 12% Ownership

In 2024, Arctos Partners, a private equity firm specializing in sports investments, acquired a 12% stake in the Bills. Their involvement marked one of the NFL’s first steps into broader private equity participation. While they have no operational control, their investment brought added financial security to the franchise and validated its rising valuation at $5.6 billion.

Other Private Equity Investors – 8.6% Ownership

Alongside Arctos Partners, additional private equity investors collectively own around 8.6% of the Buffalo Bills. These minority stakeholders hold purely financial interests and do not participate in decision-making. Their inclusion reflects a broader trend of institutional money entering the NFL, but the Pegulas continue to safeguard control of the team.

Buffalo Bills Ownership History

The ownership of the Buffalo Bills has played a decisive role in shaping the identity and future of the franchise. From the vision of founding owner Ralph Wilson, who gave Buffalo professional football in 1960, to the Pegula family’s commitment to keeping the team rooted in Western New York, the Bills’ ownership story is one of loyalty, resilience, and transformation. Each transition of ownership reflects the economic realities of the NFL and the enduring importance of the franchise to its community.

The Ralph Wilson Era (1960–2014)

Ralph C. Wilson Jr., one of the American Football League’s founding figures, established the Buffalo Bills in 1960. He invested $25,000 to secure the franchise and became known for his unwavering loyalty to Buffalo. While other small-market teams relocated or folded, Wilson repeatedly reassured fans that the Bills would never leave the city.

Under his ownership, the Bills won two AFL Championships in the 1960s and later rose to prominence in the 1990s with four consecutive Super Bowl appearances. Wilson’s tenure was one of the longest in NFL history, spanning more than five decades. His passing in March 2014 marked the end of an era and opened the door for new ownership.

The Sale Process After Wilson’s Passing (2014)

Following Ralph Wilson’s death, the franchise was put up for sale. Several high-profile groups expressed interest, including bids from celebrity figures and business leaders. Concerns arose among fans that the team might be relocated to a larger market such as Toronto or Los Angeles.

Ultimately, the NFL and the Wilson estate prioritized keeping the Bills in Buffalo. This set the stage for the Pegula family’s successful bid, which was celebrated across Western New York as a victory for the community.

The Pegula Family Era (2014–Present)

In September 2014, Terry and Kim Pegula purchased the Buffalo Bills for $1.4 billion, setting a then-record for an NFL franchise sale. Their acquisition ensured the team would remain in Buffalo, securing the franchise’s future stability.

The Pegulas, already owners of the NHL’s Buffalo Sabres, became deeply integrated into the region’s sports culture. They emphasized investment in facilities, fan engagement, and competitive success. Under their ownership, the Bills have returned to playoff prominence, highlighted by consistent AFC East titles and the rise of Josh Allen as a franchise quarterback.

Minority Stake Sale and Private Equity Entry (2024–2025)

In 2024, the Pegulas sold a minority share of around 20.6% to private equity investors, led by Arctos Partners. This valued the franchise at approximately $5.6 billion. Despite this sale, the Pegulas maintained full controlling interest and continue to direct all major decisions.

This development reflects broader trends in professional sports ownership, where private equity firms are becoming more involved. For the Bills, however, the Pegulas’ strong majority position ensures that the franchise remains firmly tied to Buffalo while also gaining financial backing for future projects, such as the new $2.2 billion Highmark Stadium set to open in 2026.

Terry Pegula Net Worth

Terry Pegula is one of the wealthiest owners in the National Football League. His fortune, built from the ground up, is a story of entrepreneurship and bold investments. As of September 2025, his net worth is estimated at $9.3 billion, placing him among the richest individuals in professional sports ownership. Pegula’s financial resources not only make him a powerful figure in the NFL but also provide long-term security for the Buffalo Bills franchise. His wealth allows him to fund large-scale projects, keep the team competitive, and maintain majority control even as minority investors have entered the ownership group.

Building Wealth in Oil and Gas

Pegula’s journey to becoming a billionaire began in the oil and gas industry. After working as a petroleum engineer, he founded East Resources in 1983 with just $7,500 borrowed from friends and family. Through a series of smart acquisitions and an early embrace of hydraulic fracturing, Pegula turned his small company into one of the largest players in the natural gas industry. His company’s success was fueled by drilling in the Marcellus Shale, a region rich in natural gas reserves. In 2010, Pegula sold most of East Resources’ assets to Royal Dutch Shell for $4.7 billion, marking the turning point that elevated him into the billionaire class.

Expansion into Sports and Entertainment

After his windfall from the energy sector, Pegula shifted focus to sports and entertainment. In 2011, he purchased the NHL’s Buffalo Sabres and later expanded his portfolio by acquiring other regional sports teams. His most significant sports move came in 2014, when he and his wife, Kim Pegula, purchased the Buffalo Bills for $1.4 billion. This acquisition not only showcased his financial power but also underscored his commitment to Western New York. Pegula’s investment kept the Bills in Buffalo, quelling fears of relocation to larger markets. His wealth has since fueled stadium investments, training facility upgrades, and broader community engagement through Pegula Sports & Entertainment.

Current Net Worth in 2025

By September 2025, Terry Pegula’s fortune has grown to $9.3 billion. This increase reflects both the appreciation of his diversified investments and the rising valuation of his sports assets. The Buffalo Bills alone are now valued at more than $5.6 billion, and with the construction of the new Highmark Stadium set to open in 2026, the franchise is expected to grow even more in worth. His wealth also includes real estate, private investments, and continued ties to the energy sector. This diverse portfolio makes Pegula less vulnerable to fluctuations in any single industry and secures his place among the NFL’s most financially stable owners.

Impact of His Wealth on the Buffalo Bills

Terry Pegula’s financial resources directly impact the Buffalo Bills’ operations and future. His ability to fund major infrastructure projects without jeopardizing team stability is crucial for a small-market franchise like Buffalo. For instance, Pegula committed heavily to the $2.2 billion new Highmark Stadium, with $850 million from public funding and the rest from private and NFL contributions. Beyond infrastructure, his wealth has helped retain key players, build competitive rosters, and provide state-of-the-art facilities for athletes. His role as a billionaire owner ensures that the Bills can remain competitive in a league increasingly dominated by big-market teams.

Buffalo Bills Net Worth

The Buffalo Bills have grown into one of the NFL’s most financially valuable teams. As of September 2025, the franchise is valued at $5.87 billion. This places the Bills solidly within the top half of NFL teams by valuation, a remarkable achievement considering Buffalo’s status as one of the league’s smallest media markets. The team’s value reflects not just on-field performance, but also strong ownership, a loyal fan base, and major infrastructure investments.

Here’s an overview of the historical net worth of the Buffalo Bills:

Growth in Value Over Time

When Terry and Kim Pegula purchased the team in 2014, the Bills were valued at $1.4 billion. In just over a decade, their worth has more than quadrupled. By 2020, the team had reached a valuation of nearly $2.5 billion. The surge in recent years comes from rising league-wide revenues, record-breaking television deals, and consistent playoff appearances since 2019. The Bills’ transformation into an AFC powerhouse under head coach Sean McDermott and quarterback Josh Allen has further accelerated brand value and financial performance.

Revenue Streams Driving Valuation

The Bills’ revenue base is diverse, with the largest share coming from the NFL’s national media rights deals that distribute billions annually across all 32 franchises. Locally, ticket sales remain strong thanks to the famously passionate “Bills Mafia” fan base. Sponsorship deals, merchandise sales, and naming rights from Highmark Blue Cross Blue Shield further boost revenues. In addition, the team benefits from shared NFL revenues from merchandising and digital rights, which provide stability even for small-market franchises like Buffalo.

Impact of the New Highmark Stadium

The upcoming Highmark Stadium, a $2.2 billion project expected to open in 2026, will be a major driver of future valuation increases. The stadium will feature modern amenities, expanded premium seating, and enhanced fan experiences that generate higher revenues. It will also allow the Bills to expand into hosting non-football events, including concerts and large-scale gatherings. Analysts expect that once the stadium is complete, the Bills’ valuation could surpass $7 billion within just a few years.

Comparison to Other NFL Franchises

At $5.87 billion, the Bills remain behind financial juggernauts like the Dallas Cowboys, valued at over $9 billion, but they have surged ahead of several other historic franchises in recent years. For comparison, smaller-market teams like the Cincinnati Bengals and Jacksonville Jaguars are valued closer to $4.5 billion. The Bills’ ability to compete financially with larger-market franchises underscores the power of successful management, loyal fans, and strong on-field performance.

Future Outlook for Valuation

Looking forward, the Bills are positioned for continued growth. Consistent playoff runs, a franchise quarterback in Josh Allen, and a state-of-the-art stadium project all point to further financial success. Analysts predict that within the next decade, the Bills could become one of the top 10 most valuable NFL franchises. With a current net worth of $5.87 billion, the team’s future is as financially strong as it is competitive on the field.

Who Runs the Buffalo Bills?

The Buffalo Bills are owned by Terry and Kim Pegula through Pegula Sports & Entertainment. While the Pegulas provide ultimate oversight, the day-to-day management of the franchise is shared among executives handling football operations, business operations, and community engagement. This leadership model ensures both competitive performance on the field and financial strength off it.

Terry Pegula’s Role

Terry Pegula is the principal owner and ultimate decision-maker of the Buffalo Bills. His $9.3 billion net worth provides the financial foundation for the team’s stability and growth. Pegula makes the final calls on major financial, stadium, and strategic matters. His leadership was instrumental in securing the new Highmark Stadium project and ensuring the team’s long-term commitment to Buffalo.

Kim Pegula’s Role

Kim Pegula, co-owner of the Bills, has historically been deeply involved in the team’s operations. From 2018 to 2022, she served as President of both the Bills and the Sabres, making her one of the most influential women in professional sports leadership. Following her health setback in 2022, her active role has been reduced, though she remains an important figure in ownership and long-term planning.

Executive Business Operations

Day-to-day business management is led by Ron Raccuia, who serves as Executive Vice President and Chief Operating Officer. He effectively acts as the franchise’s top executive, handling sponsorships, marketing, community relations, and stadium development. Raccuia is particularly influential in managing the $2.2 billion new Highmark Stadium project, ensuring it is delivered on time and positioned to generate new revenue streams.

Football Operations Leadership

On the football side, the Bills are guided by General Manager Brandon Beane and Head Coach Sean McDermott. Beane oversees roster building, contracts, and player acquisitions, while McDermott is responsible for coaching and on-field performance. Together, they report directly to Terry Pegula and have been central to the Bills’ recent success, including multiple playoff appearances and AFC East titles.

Collaborative Leadership Model

Rather than relying on a single CEO figure, the Buffalo Bills operate under a collaborative leadership model. Ownership sets the vision, executives like Ron Raccuia run business operations, and Beane and McDermott manage football operations. This structure has proven effective, balancing financial strength with competitive success, and ensuring that the franchise remains both profitable and respected in the NFL.

Final Words

The story of the Buffalo Bills is not just about football games and championships. It is about the people who have carried the franchise forward, from Ralph Wilson’s commitment as the founding owner to Terry and Kim Pegula’s determination to keep the team in Buffalo. Their ownership has brought financial strength, stability, and a clear vision for the future. As the Bills continue to grow in value and strengthen their place in the NFL, their owners remain central to ensuring the franchise thrives both on and off the field. For fans wondering who owns Buffalo Bills, the answer is also about who protects its legacy—owners who understand the team’s connection to its community and its role in football history.

FAQs

Who is the majority owner of the Buffalo Bills?

The majority owner of the Buffalo Bills is Terry Pegula. He, along with his wife Kim Pegula, owns the team through Pegula Sports & Entertainment. Terry Pegula holds the controlling stake and has the final say on major decisions.

Did Ralph Wilson own the Buffalo Bills?

Yes, Ralph Wilson was the original owner of the Buffalo Bills. He founded the franchise in 1960 as part of the American Football League (AFL) and owned it until his death in 2014. His leadership made him one of the longest-serving owners in NFL history.

How much did the Pegulas buy the Buffalo Bills for?

Terry and Kim Pegula purchased the Buffalo Bills in 2014 for $1.4 billion. At the time, it was a record-setting price for an NFL team.

Do the Pegulas own other sports teams?

Yes, the Pegulas own several other sports franchises. They are also the owners of the Buffalo Sabres (NHL), Rochester Americans (AHL), and other minor league and development teams. Their company, Pegula Sports & Entertainment, manages these assets along with entertainment and real estate ventures.

What does Kim Pegula own?

As co-owner of Pegula Sports & Entertainment, Kim Pegula is part owner of the Buffalo Bills, Buffalo Sabres, Rochester Americans, and other related businesses. She has been deeply involved in team operations and long-term strategy.

What happened with Kim Pegula?

In 2022, Kim Pegula suffered a serious health issue related to cardiac arrest. Since then, her public appearances have been limited, and she has taken a step back from day-to-day operations. However, she remains co-owner of the Bills and continues to have a role in long-term planning.

What happened to Pegula’s wife?

Kim Pegula, Terry Pegula’s wife and co-owner of the Bills, experienced a life-threatening health emergency in 2022. She has since been in recovery, with her family providing care and updates. While she is no longer in a daily executive role, she continues to be part of ownership.

Is Kim Pegula Korean?

Yes, Kim Pegula is Korean-born. She was born in Seoul, South Korea, in 1969 and was adopted by an American family. Her journey from Korea to becoming a co-owner of an NFL team has been widely covered as an inspiring story.

Who is Buffalo Bills owner daughter?

Terry and Kim Pegula have three children together: Jessica, Kelly, and Matthew. Their daughter Jessica Pegula is especially well known as a professional tennis player, ranked among the top players in the world.

Who is Buffalo Bills owner wife?

Terry Pegula’s wife is Kim Pegula, who is also his business partner and co-owner of the Buffalo Bills.

Who was the Buffalo Bills original owner?

The original owner of the Buffalo Bills was Ralph Wilson, who founded the team in 1960. He remained the owner until his passing in 2014, making him one of the most respected figures in NFL history.

How much is the Pegula family worth?

As of September 2025, the Pegula family’s net worth is estimated at $9.3 billion. This wealth comes primarily from Terry Pegula’s success in natural gas, energy, and sports investments.

Did Donald Trump try to buy Buffalo Bills?

Yes, Donald Trump did attempt to purchase the Buffalo Bills in 2014 after Ralph Wilson’s death. However, his bid was unsuccessful, and the team was ultimately sold to Terry and Kim Pegula for $1.4 billion.