Orchard Park, N.Y. (WBEN/WGR Sports Radio 550) - The National Football League has approved a new minority ownership group for the Buffalo Bills, made up of 10 limited partners during Wednesday's league meetings in Dallas, Texas.
The group will have a non-controlling, minority interest in the Bills, representing the first time in franchise history that minority owners have been added.
The new limited partners, pending final closing of the agreements, include:
- Arctos: a private investment firm that provides bespoke growth and liquidity solutions, differentiated thought partnership and value creation services to sports franchises;
- Rob Palumbo: Co-managing partner of Accel-KKR, technology-focused private equity firm;
- Sue McCollum: CEO and owner of beverage distribution companies Eagle Brand Sales and Double Eagle Distributing;
- Theresia Gouw: Co-founder and managing partner of the venture capital firm Acrew Capital;
- Rob Ward: Co-founder, general partner of venture capital firm Meritech Capital;
- Mike Joo: COO, Global Corporate & Investment Banking and Head of North America Corporate & Investment Banking at Bank of America;
- Tom Burger: Co-founder and managing partner of the investment firm Gridiron Capital;
- Vince Carter: Former NBA player and member of Basketball Hall of Fame;
- Tracy McGrady: Former NBA player and member of Basketball Hall of Fame;
- Jozy Altidore: Former U.S. National Team Soccer Player and MLS champion
While it was not disclosed how much of a stake the minority ownership group has in the team, a report from Sports Business Journal last month indicated that Arctos will take 10% of the team's ownership. Meanwhile, the total percentages of ownership with the 10 limited partners makes up a reported 20.6%.
The Bills add a diverse array of limited partners spanning the world of business, sports and entertainment. The group includes many with deep personal ties to the team, as well as connections to key geographic areas for the organization.
The partnership with Arctos marks one of the first-ever private equity investments in an NFL franchise. Arctos is the only firm approved to invest in equity across each of the five most popular major North American leagues, and currently has investments in professional sports teams in the NBA, NHL, MLB, MLS, NASCAR, the English Premier League and Formula 1.
Founded in 2019, Arctos’ proprietary approach to sports investing is anchored by its operational expertise, including a roster of experienced advisors, as well as the firm’s unique quantitative research and data science platform, Arctos Insights.
"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 on Wednesday.
"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."
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"Under Terry Pegula’s leadership, the Buffalo Bills have become one of the National Football League’s most recognizable, well-operated, and successful franchises, as evidenced by the team’s recent clinching of this season’s AFC East division title," said Doc O’Connor, Managing Partner of Arctos in a statement. "They are an established global brand with one of the most passionate fan bases across the entire league. It is an honor to partner with the Bills’ exceptional management team and the other limited partners named in today’s announcement. Through our investment, Arctos will leverage its strategic expertise, data science-backed insights and other resources to support the team’s commercial growth off the field."
Back in April, it was revealed that Pegula was exploring the potential sale of a minority, non-controlling stake in the team with the help of the investment firm Allen & Company.