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.
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.
“This has been an incredible journey to add such an impressive and diverse group of limited partners along with a reputable private equity partner in Arctos that has an extensive track record of success with professional sports franchises,” Bills owner/CEO Terry Pegula said in a statement.
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.
