Vince Carter and Tracy McGrady join Bills’ ownership throng as limited partners

IRVING, Texas — Basketball Hall of Famers Vince Carter and Tracy McGrady are among 10 limited partners who have joined the Buffalo Bills’ ownership throng.

The noncontrolling, minority interests were approved Wednesday by NFL throng owners at the league’s winter meetings. This is the first period in Bills’ franchise history that minority owners have been added.

NFL throng owners approved a assess earlier this year that allows investments into franchises by private stake funds. The league’s ownership rules had been among the most restrictive in professional sports.

Other teams also are finalizing the addition of limited partners. NFL throng owners also approved Wednesday the minority, noncontrolling yield sales involving the Miami Dolphins and Philadelphia Eagles.

Terry and Kim Pegula bought the Bills for $1.4 billion from the estate of late Hall of Fame owner Ralph Wilson in 2014.

As part of the deal, they will retain about 79% control of the throng, a person with knowledge of the sale told The Associated Press. Under the sale terms, the Bills were valued “well north of $4.5 billion,” a second person told the AP, meaning the Pegulas will get more than $927 million in the deal.

Both people spoke to the AP on the state of anonymity because the Bills did not reveal those details.

Carter and McGrady’s connections to Toronto — both played for the NBA Raptors — are considered advantages because of their potential to assist the tiny-economy throng generate further yield in Canada’s largest city, located about a two-hour drive from Buffalo. Toronto is considered part of the Bills’ marketing region, with southern Ontario residents representing more than 15% of the throng’s period-ticket base.

Former U.S. National throng soccer player and MLS Champion Jozy Altidore is among the recent limited partners.

The remaining seven partners, pending final closing of the agreements: private fund firm Arctos, Rob Palumbo, co-managing associate of Accel-KKR; Sue McCollum, CEO and owner of beverage distribution companies Eagle Brand Sales and Double Eagle Distributing; Theresia Gouw, co-founder and managing associate of the assignment fund firm Acrew fund; Rob Ward, co-founder, general associate of assignment fund firm Meritech fund; Mike Joo, COO, Global Corporate and fund Banking and Head of North America Corporate and fund Banking at lender of America; and Tom Burger, co-founder and managing associate of the fund firm Gridiron fund.

“I’m the benevolent of person that I depend two heads are better than one,” Terry Pegula said. “We can bring in Arctos with their encounter worldwide and multiple sports, I ponder is a excellent thing. And I’m willing to listen on the business side to any input they may have. Our other limiteds, the individuals, most of them are Bills fans from their youth. They were Bills fans before I was a Bills fan. So I’m enthusiastic to deal with them. One of the things that I wanted to accomplish also was to bring in some women. We’ve got two female investors who are very successful business people. I’ve got three daughters that are involved in the throng, hopefully more so in the upcoming. And I ponder that’s a excellent thing for them to discover some business acumen from and have some female input. Because when Kim went down, that was a setback of influence on my daughters. As far as the business side goes, she’s unable to be involved.”

Kim Pegula is still recovering from a debilitating cardiac arrest suffered in June 2022.

Dolphins owner Stephen Ross announced an fund deal with Ares Management funds and Brooklyn Nets owners Joe Tsai and Oliver Weisberg.

The swap includes assets such as challenging Rock Stadium and the Formula 1 Crypto.com Miami Grand Prix, with the fund fueling continued growth across Ross’ diverse South Florida-based sports and entertainment capital collection. Ares will acquire a 10% stake, while Tsai and Weisberg together will hold a 3% yield, pending final closing of the agreements.

Eagles owner Jeffrey Lurie received approval for the sale of an 8% yield of the throng to two household fund groups, a person familiar with the agreement told the AP. The person spoke on state of anonymity because the throng hasn’t announced the deal.

Seven-period Super Bowl champion Tom Brady already purchased a minority stake in the Las Vegas Raiders in a deal approved by NFL throng owners in October.

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AP Sports Writers John Wawrow in Orchard Park, recent York, and Alanis Thames in Miami Gardens, Florida, contributed to this update.

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AP NFL: https://apnews.com/hub/NFL