Agreement in place to sell Buffalo Bills
0:41 | NFL
Agreement in place to sell Buffalo Bills
Tuesday September 9th, 2014

Buffalo Sabres owner Terry Pegula and wife Kim have reached an agreement to buy the NFL’s Buffalo Bills, the team announced on Tuesday.

The selling price is reportedly around $1.4 billion. The rest of the league's owners must approve the deal, which would likely happen at the next scheduled owners' meeting Oct. 7-8 in New York.

On Monday, at least three ownership groups reportedly submitted bids to buy the Bills, including the Pegulas, a group led by real estate mogul Donald Trump and another group that included rock star Jon Bon Jovi. The Pegulas were reportedly the front runners due to their local ties and commitment to keeping the Bills in Buffalo.

BANKS: NFL, Ravens don't deserve praise for cutting Ray Rice

The team was put up for sale after owner Ralph Wilson died in March. 

Terry Pegula, who made his fortune largely through natural gas development, has owned the Sabres since February 2011. In the three seasons since Pegula took over, the team's winning percentage has declined each year, with the team finishing with the lowest points total in the Eastern Conference in 2013-14.

Pegula also owns the Rochester Americans of the American Hockey League and the Buffalo Bandits of the National Lacrosse League. In 2011, he donated $100 million to alma mater Penn State to help fund the creation of men's and women's varsity hockey programs as well as a new ice arena named for him.

NFL commissioner Roger Goodell said earlier this year that the Bills, which Forbes values at $935 million, need a new stadium to remain viable in Western New York.

The Pegulas are worth a reported $3.5 billion.

ROSENBERG: Giants look like they're going nowhere fast

- Scooby Axson, Ben Estes and Chris Johnson

SI Apps
We've Got Apps Too
Get expert analysis, unrivaled access, and the award-winning storytelling only SI can provide - from Peter King, Tom Verducci, Lee Jenkins, Seth Davis, and more - delivered straight to you, along with up-to-the-minute news and live scores.