By Canadian Press

Ex-Raptors star Carter part of group seeking to buy stake in Buffalo Bills, AP source says

Nov 19, 2024 | 8:19 AM

ORCHARD PARK, N.Y. (AP) — Former NBA stars Vince Carter and Tracy McGrady are part of a group being considered by the NFL to purchase a non-controlling minority stake in the Buffalo Bills, a person with knowledge of the league finance committee’s agenda told The Associated Press on Monday.

The person spoke to the AP on the condition of anonymity because the league didn’t release the agenda for the committee meeting scheduled for Tuesday. The committee will also consider Ares Management’s bid to buy 10 per cent of the Miami Dolphins, the person said.

Sports Business Journal first reported the potential buyers being considered by the committee.

Tom Brady is also on the agenda, the person said, in an expected follow-up after the seven-time Super Bowl champion purchased a minority stake in the Las Vegas Raiders last month.

The Bills declined to comment on potential investors, saying in a statement that the process is ongoing and requires NFL approval.

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Carter, McGrady and former Toronto FC player Jozy Altidore have joined Gridiron Capital managing partner Tom Burger in a consortium seeking to buy a 10.6 per cent share of the Bills, the person said. Gridiron Capital’s share would amount to about 1.4 per cent.

As part of the deal, another group, Arctos Partners, would buy a 10 per cent stake in the Bills, leaving owners Terry and Kim Pegula maintaining a controlling share in the team of more than 79 per cent.

Carter, 47, and McGrady, 45, are cousins, have both been inducted into Naismith Basketball Hall of Fame, and spent two years as teammates with the Toronto Raptors. Carter had his No. 15 jersey retired by the Raptors earlier this season.

The two attended a Bills home game in September and toured the construction site where the Bills’ new stadium is being built across the street from the team’s current home. The stadium is scheduled to open in June 2026.

In April, the Pegulas, who also own the NHL’s Buffalo Sabres, announced they were exploring the possibility of selling a minority interest in the Bills.

The sale was considered a way for the Pegulas to cash in on the rising value of the franchise. Forbes’ latest valuation of the Bills was at $4.2 billion. The Pegulas bought the team in 2014 for a then-NFL-record $1.4 billion from the estate of Hall of Fame owner and team founder Ralph Wilson.

The cost of the Bills’ new stadium has risen to more than $2.1 billion, with the Pegulas on the hook for $1.25 billion, including an estimated $560 million in overruns.

Bills president Pete Guelli told the AP last week that the minority sale of the team was not connected to the construction costs.

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Maaddi reported from Tampa, Florida.

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AP NFL: https://apnews.com/hub/nfl

John Wawrow And Rob Maaddi, The Associated Press