Bills, Dolphins, Eagles approved to add ownership investors

The Buffalo Bills added 10 noncontrolling minority owners to the team's ownership group in a vote approved at the NFL league meetings in Dallas on Wednesday, including Basketball Hall of Famers Vince Carter and Tracy McGrady.

The limited partners added by the Bills mark the first time in franchise history the team has brought in minority owners. Among the minority owners added is Arctos, a private investment firm. In August, NFL owners approved a measure to allow private equity firms to purchase a maximum of 10% stake in NFL teams.

Speaking at the meetings, Bills owner and CEO Terry Pegula -- in his first public comments since 2019 -- said that Arctos approached the Bills about joining. Other minority owners brought in by the Bills include multiple from Western New York.

Also, during the meeting, both the Philadelphia Eagles and Miami Dolphins had minority noncontrolling ownership additions approved. The Dolphins also added a private-equity firm to the team's ownership, Ares, making the AFC East rivals the first teams to do so in the league's history.

The Eagles received NFL approval for the sale of an 8% interest of the team to two family investors, a league source told ESPN's Adam Schefter. The sale was based on a valuation of the team up to $8.3 billion, and Lurie maintains complete control of the team.

"Two heads are better than one," Pegula said. "I was a sole owner, bringing in Arctos with their experience worldwide in multiple sports, I think is a good thing and I'm willing to listen to on the business side, input they may have. Our other limiteds, the individuals, are actually, most of them are Bills fans from their youth. They were Bills fans before I was a Bills fan, so I'm excited to deal with them."

Carter and McGrady join a list of owners that also includes Jozy Altidore, a former U.S. National Team soccer player and MLS champion with Toronto FC.

"It's a huge honor to join this historic Bills organization," Carter said in a statement. "I'm truly thankful the Pegula family has given me the opportunity to help the franchise continue to grow and thrive in player growth, community service and of course winning the Lombardi trophy. See you soon Bills Mafia!!!!"

Carter and McGrady were teammates with the NBA's Toronto Raptors in the early 2000s. 

Pegula said that an emphasis in adding minority partners overall was to have partners who can help the franchise grow.

"The three pro athletes, they're all icons in Toronto," Pegula said. "That's our market. So, we're going to grow our Toronto market, and they know that. I've asked them about it. They're willing to help."

Pegula also noted an emphasis in adding women to the ownership group after his wife, Kim Pegula, suffered cardiac arrest in June 2022 and has been unable to return to her previous responsibilities with the team.

"We've got two female investors that are very successful business people, and I've got three daughters that are involved in the team, hopefully more so in the future, and I think that's a good thing for them to learn some business," Pegula said.

Pegula also confirmed that the team's new stadium is over budget -- about $2.1 billion compared to the $1.54 billion in initial costs -- but on time to open for the 2026 season. He said, "We've actually built a stadium at the worst possible time you could in the last 30 years," due to the impact of inflation with the "aftereffects of COVID and supply chain and all that kind of stuff."

Ownership is responsible for any cost overruns after $850 million in public money was contributed to the stadium costs.

ESPN's Kalyn Kahler contributed reporting to this story.