Bills COO: 'Interest has been high' in search for limited ownership partner

Buffalo Bills COO Pete Guelli recently told The Buffalo News that the search for a limited partner in ownership has "been very active."

Dec 31, 2023; Orchard Park, New York, USA; Buffalo Bills owner Terry Pegula prior to the game against the New England Patriots at Highmark Stadium. Mandatory Credit: Gregory Fisher-USA TODAY Sports / Gregory Fisher-USA TODAY Sports

The ownership suite at Highmark Stadium may soon welcome new tenants.

The Athletic’s Tim Graham reported in mid-April that Buffalo Bills owner Terry Pegula was exploring the sale of as much as 25% of the franchise, hiring investment bank Allen & Company to handle the potential sale of a percentage of team equity to a limited partner. While all current discussions are at an early stage, several parties are interested in joining Buffalo’s ownership group.

Recently hired Bills chief operating officer Pete Guelli recently spoke about the search for a limited partner with The Buffalo News writer Ryan O’Halloran, telling the reporter that there’s significant outside interest in owning a percentage of the team.

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“I can tell you that interest has been high,” Guelli told O’Halloran. “You don’t know what the market is and there are only so many people in play at this level. It’s been very active, which has been encouraging. 

“A lot of people have reached out proactively and would like to be a part of what we’re building here so we’re taking a very deliberate, strategic approach.”

Graham reported in April that 25% was the number being mentioned as available for purchase, reiterating that “the number [was] not set in stone” and that Pegula may ultimately opt not to sell any portion of the team. Guelli told O’Halloran that equity discussed with potential parties has ranged between “20%–25%,” noting that these numbers have been “kicked around” and that “it’s fluid.”

No parties have expressed public interest in owning a percentage of the team, though O’Halloran noted on X in late May that DoubeLine Capital founder Jeffery Gundlach was spotted at Bills’ organized team activities. An Amherst, NY native, the billionaire still has ties to his home region; Buffalo’s world-renowned Albright-Knox Art Gallery was recently renamed the Buffalo Albright-Knox-Gundlach Art Museum thanks to his financial contributions. Gundlach’s potential interest in team equity is pure speculation at this time.

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According to O’Halloran, the team is open to welcoming one limited partner to the ownership team or a small group, depending on its investors.

“I think there are people who could come in and be one perfect partner, but we would consider a syndicate if it was the right group of people,” Guelli told O’Halloran.

The search for a limited ownership partner coincides with the construction of a new stadium directly across the street from the team's current venue in Orchard Park, NY; the new structure is set to open in time for the 2026 NFL season. Replacing the team’s 50-year-old stadium with a state-of-the-art venue would, in theory, increase the franchise’s value. Pegula reportedly transferred a small ownership stake to his daughter, Laura, sometime after the 2023 NFL owners' meetings.