Terry Pegula, the favorite to win the bid for the Buffalo Bills ownership, has made a tentative deal to purchase the NFL team, sources told The Buffalo News on Tuesday.
UPDATE (2:55 p.m.): The team has confirmed the agreement.
The sale price is “believed to be in the neighborhood of $1.1 billion,” according to The Buffalo News. A meeting with the NFL owners, who must approve the sale, is set for Oct. 8 and 9.
Pegula, the current owner of the Buffalo Sabres, sold real-estate holdings over the summer to free up the money to make the bid and reportedly has beaten out groups led by rock star Jon Bon Jovi and billionaire Donald Trump.
Buffalo pulled off an upset in their regular-season opener Sunday, defeating the Chicago Bears 23-20 in overtime.
The Bills had been on the market since their former owner and founder Ralph Wilson died in March. Final bids were due at 5 p.m. Monday.
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