If you walk through Orchard Park right now, you can’t miss it. The skyline has literally changed. There is this massive, $2.1 billion skeleton of steel and concrete rising out of the ground—the "New Highmark Stadium"—and it represents the biggest shift in Western New York sports since 1960. But while the physical walls are going up, people are still asking the same fundamental question: who is the owner of Buffalo Bills these days?
Honestly, the answer is a little more layered than it used to be. For a long time, it was just "Terry and Kim." Simple. But as we move into 2026, the paperwork has gotten a lot more crowded.
The Core Power: Terry Pegula and the Family Legacy
At the top of the pyramid is still Terry Pegula. He’s the guy who made a fortune in the fracking boom with East Resources and then decided to basically save Buffalo sports. Back in 2014, when the legendary Ralph Wilson passed away, there was a very real fear the team would move. Names like Donald Trump and Jon Bon Jovi were circling. Then Terry and Kim Pegula stepped in with a $1.4 billion all-cash bid that effectively told the rest of the league, "This team isn't going anywhere."
Today, Terry serves as the Owner, CEO, and President. But he’s doing it without his longtime partner by his side in the same way.
Kim Pegula, who was the first woman to serve as president of both an NFL and NHL team, suffered a massive cardiac arrest in 2022 that led to a significant brain injury. It was a tragedy that shook the organization to its core. Because of her health, the "front office" look has shifted. Her stake in the team is now largely managed through an estate, and her stepdaughter, Laura Pegula, has stepped into a much more visible, hands-on role. If you see a Pegula at the league meetings or on the sidelines in 2026, there’s a good chance it’s Laura.
The Big 2024 Shift: Private Equity Enters the Chat
Here is where it gets interesting for the "business of football" nerds. For decades, the NFL was a "mom and pop" shop—well, billionaire mom and pop shops. You had to be a human being to own a team. That changed recently.
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In late 2024, the Bills became one of the first franchises to take advantage of new league rules allowing private equity firms to buy in. Terry Pegula sold a 10.6% stake in the team to Arctos Partners LP.
Why? Mostly because building a $2 billion stadium is expensive, even for a guy worth $7 or $8 billion. Selling a slice of the pie helped bridge the gap for the massive cost overruns on the new Orchard Park build.
But Arctos isn't the only new name on the list. There’s also a group of "limited partners" that sounds more like a Hall of Fame roster than a boardroom:
- Vince Carter (NBA legend)
- Tracy McGrady (another NBA icon)
- Jozy Altidore (Soccer star)
They own a small minority stake. So, technically, if you’re asking who is the owner of Buffalo Bills, you’re looking at a consortium led by Terry Pegula, but backed by institutional money and world-class athletes.
Who Really "Owns" the New Stadium?
This is a bit of a trick question that trips people up. Terry Pegula owns the team, but he doesn’t actually own the land or the building they are about to move into.
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The New Highmark Stadium, which officially opens for the 2026 season, is actually owned by the State of New York.
The deal was controversial, to say the least. It involved $850 million in taxpayer money—the largest public subsidy for a stadium at the time it was signed. Because the public put up so much cash, the State holds the deed. The Bills have a 30-year lease, which basically means they are "tenants," but let’s be real: Terry Pegula calls the shots on everything from the type of grass (which Kim Pegula famously insisted upon to protect player health) to the "trough" urinals being sold off from the old stadium.
The "One Buffalo" Dissolution
You might remember a company called Pegula Sports and Entertainment (PSE). It was the umbrella that held the Bills, the Sabres, the Bandits, and even a record label.
Well, that’s gone.
In late 2023, Terry Pegula dissolved PSE. He decided the Bills and the Sabres needed to run as totally separate businesses. This was partly to simplify things after Kim’s illness and partly to make the Bills more attractive to those private equity investors we talked about. By separating the NFL team from the NHL team, the books became much cleaner.
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What This Means for the Future
The ownership structure of the Bills is more stable now than it has been in years, albeit more complex. With the 30-year lease tied to the new stadium, the "moving to Toronto" or "moving to Austin" rumors are dead and buried.
Key Takeaways on Current Ownership:
- Terry Pegula: Majority owner and ultimate decision-maker.
- Laura Pegula: The rising face of the family's leadership.
- Arctos Partners: The first major institutional investor in Bills history.
- The Minority Group: High-profile athletes like Vince Carter holding small stakes.
If you’re a fan, the most important thing to know is that the "owner" isn't just one guy in a suite anymore. It’s a modern corporate structure designed to keep the team competitive in an era where NFL franchises are valued at over $5 billion.
Next Steps for Fans and Researchers:
If you're looking to dive deeper into how this impacts the team's cap space or future stadium upgrades, you should check the Erie County stadium lease filings or the latest NFL ownership diversity reports. Both provide a granular look at how the Pegulas are balancing public money with private equity to keep the Bills in Buffalo for the next three decades.