Terry Pegula has transferred a minority stake in the ownership of the Buffalo Bills to Laura Pegula.
After a traumatic heart attack nearly two years ago, the path for Buffalo Bills co-owner Kim Pegula’s return to health diverges significantly from the experience of safety Damar Hamlin. According to a story by Tim Graham in The Athletic, in February of this year:
“Terry Pegula filed for Kim to be declared incapacitated and for himself to become her guardian. A panel of three court-appointed examiners recommended incapacitation, and on March 23, 2023, a judge appointed Terry as the ‘plenary guardian of the person and property’ of his wife.”
13 months ago, a court ruled Kim Pegula incapacitated and appointed Terry Pegula "plenary guardian of person and property."
To meet NFL succession plan guidelines, Terry has designated Laura, daughter from his first marriage, to take over Bills if needed.https://t.co/LzGxaHsRtE
— Tim Graham (@ByTimGraham) May 1, 2024
A “longtime Pegula family associate” familiar with Kim’s condition and long-term prognosis is quoted in Graham’s article as saying “‘Kim is not coming back'” — with Graham adding: “‘to the Bills or Sabres front office.'”
Most recently, Terry has transferred a small percentage of team ownership to his eldest daughter, Laura Pegula, in accordance with NFL policy aimed at aiding succession planning. Since Kim Pegula’s heart attack, Terry Pegula has increasingly involved Laura — his 41-year-old daughter from his first marriage — in the operations of the Buffalo Bills and Buffalo Sabres. Last year, she represented the Bills at the annual owners meeting and continues to stand in for the team in crucial situations, notably during the team’s game last season against the Jacksonville Jaguars in London, UK.
With significant turbulence in the Bills’ front office and numerous developments regarding Terry Pegula’s role with the team, not all press has been met with favorable applause.
Some of this may be attributed, in part, to unfortunate timing, notably the elephant in the room: the costly, mostly publicly funded new stadium. Kim’s health issues and Terry’s recent financial explorations have sparked renewed concerns among fans regarding the future of the Bills in Western New York.
It’s crucial to note that the team’s new stadium is scheduled to open in 2026, with a 30-year lease and an attached non-relocation clause. This suggests there’s no immediate concern about the team moving. However, 30 years isn’t an eternity, and ownership dynamics could shift significantly by then. The same may hold true even in just a decade. Understandably, fans seek clarity on the succession plan, which now appears to have been significantly modified from the original intent a decade ago.
When the Pegulas acquired the Bills ten years ago, it was widely understood that Kim Pegula would succeed her husband upon his passing, given Terry’s 19-year seniority over Kim. However, with her current health challenges, it’s reasonable to assume that their long-term plans have been disrupted.
In mid-April, news surfaced that Terry Pegula has initiated exploring the sale of a 25% non-controlling, minority stake in the Buffalo Bills. Speculation suggests this move could offset the Pegulas’ expenses in financing the new stadium, although this remains conjecture until Terry Pegula discloses his intentions.
Upon finalizing the purchase of the Bills, the Pegulas announced that the team would eventually transition to their children. Given the events of the past two years, it appears this transition timeline has been significantly accelerated.
Through their marriage, Kim and Terry have three children: Jessica, Kelly, and Matthew. Including Laura Pegula from Terry’s previous marriage, this leaves future ownership considerations to the four siblings. With the deepening involvement of Laura Pegula in the Buffalo Bills’ organization and the recent transfer of a minority ownership stake to her, it seems plausible that she will succeed her father and stepmother as the leading force in the “controlling family” concerning NFL ownership.
As the successor with a controlling interest, upon the passing of Kim and Terry Pegula, Laura and her immediate family would claim a 30% ownership in the Buffalo Bills. Her half-siblings and any other family members (extended or otherwise) could potentially own smaller stakes in the team, down to as little as 1%.
For fans, there’s ample speculation but few concrete answers. Will Jessica, Kelly, and Matthew find themselves excluded from future team ownership? Jessica Pegula, the oldest child, is a highly successful professional tennis player. At one point, her husband, Taylor Gahagen, held a leadership role with the Buffalo Bills until he was dismissed, with reasons undisclosed. The implications of this event on Jessica and Taylor’s potential as future team owners, as well as any family rifts resulting from it, remain uncertain.
The Buffalo Bills seem secure in Orchard Park, NY, for the next three decades at least. Terry Pegula appears to be diligently ensuring the team’s long-term viability, but only time will reveal how these plans unfold.
