'Small-market' Bills rewarding owner Terry Pegula with hefty return on investment

Despite playing in the NFL's second-smallest market, the Buffalo Bills have quadrupled in value since Terry Pegula bought them in 2014.

New York Governor Kathy Hochul visits with Bills owner Terry Pegula and his daughter Laura Pegula during her visit to the team’s training camp during the second day of Buffalo Bills training camp at St. John Fisher University Thursday, July 24, 2025 in Pittsford. | Shawn Dowd/Rochester Democrat and Chronicle / USA TODAY NETWORK via Imagn Images

While Jerry Jones is the proud owner of the world's most valuable sports franchise, Buffalo Bills' owner Terry Pegula is getting a pretty good return on his investment as well.

According to new figures released by Sportico, Jones' Dallas Cowboys are the first team to surpass $12 billion. Under Pegula, the Bills have quadrupled in value up to almost $6 billion. He bought the franchise in 2014 for only $1.4 billion. Buffalo's stock has risen more than $1 billion since a year ago, signaling a 16-percent growth and continuing a trend of skyrocketing sports franchises.

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The Bills are now 26th out of 32 NFL teams at $5.87 billion. As recently as 2020 they were No. 30 at $2.15 billion. The increases continue despite Buffalo being the league's second-smallest market behind the Green Bay Packers (ranked 18th at $6.48 billion).

The new Buffalo Bill’s stadium looms over the current Highmark Stadium on May 27, 2025. | Tina MacIntyre-Yee/Democrat and Chronicle / USA TODAY NETWORK via Imagn Images

The Bills' value is expected to jump again in 2026, thanks to the opening of the new, $2.2 billion Highmark Stadium.

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Part of the team's financial growth is attributed to on-field success in the form of five straight AFC East titles and boasting the NFL's reigning MVP in quarterback Josh Allen. The team is being featured on this season's HBO docuseries "Hard Knocks" and the Hallmark Channel is preparing to release a Bills-themed holiday movie this fall.

Pegula sold approximately 20 percent of his stake in the team to 10 limited partners last year.

Roger Goodell, the NFL commissioner, talks with majority owner of the Buffalo Bills, Terry Pegula, during the Bills warm up before the Buffalo Bills divisional game against the Baltimore Ravens at Highmark Stadium in Orchard Park on Jan. 19, 2025. | Tina MacIntyre-Yee/Democrat and Chronicle / USA TODAY NETWORK via Imagn Images

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