On Wednesday, Basketball Hall of Famers Vince Carter and Tracy McGrady, along with former soccer star Jozy Altidore, joined a group of seven other investors to become minority owners of the Buffalo Bills.
Thanks to the approval given earlier that day at the NFL meetings in Dallas, the group became the first minority owners in franchise history.
“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,” said Bills Owner/CEO Terry Pegula in a statement.
“They all have all achieved high levels of success in their respective industries and we’re grateful for their interest in our team, our sport, and the future of the Buffalo Bills. Most of them have a personal attachment with our team, Western New York or Southern Ontario which was a very important factor to me.”
The 10 limited partners own non-controlling, minority interests in the team.
The Bills join the Miami Dolphins and Philadelphia Eagles as the first three teams to accept private Equity (PE) deals; the Raiders approved individual sales in the team that were non-PE related (Tom Brady bought a 10% ownership stake in the team in October).
The NFL was the last major U.S. pro league to allow PE team investment and the league capped the maximum ownership stake for each PE firm at 10%.
Now two Basketball Hall of Famers and former Toronto Raptors own stakes in the Bills, which was considered Toronto’s adopted NFL team due to the location of the team.
“It’s a huge honor to join this historic Bills organization,” posted Carter. “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!!!!”
“I’m excited to share that I’ve joined the Buffalo Bills organization as a minority owner- a dream come true for me and my family,” wrote McGrady. “Sports have been a lifelong passion, and the chance to contribute to such a top-tier organization is a true honor.”
Jozy Altidore, who also played in Toronto, echoed their sentiments.
“Having played and won an MLS Championship in nearby Toronto, I’ve been a huge Bills fan for many years,” said Altidore. “It’s always been a goal of mine to become part of professional sports ownership, so this opportunity to join the Buffalo Bills family is an incredible honor and dream come true.”
