The Buffalo Bills announced a franchise first Wednesday, adding 10 limited partners to their ownership group. Among those 10 are NBA legends and cousins Vince Carter and Tracy McGrady. The two aren't the only sports stars among the new group of limited partners. Former USA Men's Soccer star Jozy Altidore is also a part of the new group in Buffalo.
"The team has added a diverse array of limited partners spanning the world of business, sports and entertainment," the Bills said in a statement. "The group includes many with deep personal ties to the Buffalo Bills as well as connections to key geographic areas for the organization."
We’re proud to confirm the addition of 10 limited partners to our ownership group for the first time in franchise history!
Welcome to the family: https://t.co/6w8o14HNMq pic.twitter.com/rfH0d27wL2
— Buffalo Bills (@BuffaloBills) December 11, 2024
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The new group has combined to buy a 10.6% stake in the team, with private equity firm Arctos Partners also nabbing an additional 10%. Owners Terry and Kim Pegula will still be the team's majority owners with more than a 79% stake in the team.
The announcement comes as more NFL teams are selling minority stakes in their teams. Jeffrey Lurie, owner of the Philadelphia Eagles, received approval from the NFL for the sale of an 8% interest in the team to two family investors, according to ESPN Senior NFL Insider Adam Schefter. Lurie will maintain complete control of the team.
Another team making a similar move is the Miami Dolphins and owner Stephen Ross. Ross announced the sale of limited interest to Ares Management in a statement released Wednesday.
"As we continue our relentless pursuit of building a best-in-class organization, I couldn't be happier to welcome Ares, Joe Tsai and Ollie Weisberg to our investment group," Ross wrote. "They each bring invaluable expertise to the table, with a shared commitment to innovation, growth and doing things first class. Together we will prioritize continued investment into the Dolphins, additional sports assets and South Florida real estate to fuel dynamic growth and innovation in the region for years to come.
As NFL teams become more valuable, owners are realizing that they can cash in on the league, and their team's, success while still remaining in control of the football operations. More teams will likely join the Bills, Eagles and Dolphins in selling minority stakes the next few months.
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