Published on: December 12, 2024, 09:26h. 

Last update: December 12, 2024, 09:42h.

Buffalo Bills’ owner Terry Pegula is eyeing Toronto for further growth in the team’s value, as ten limited partners, including Toronto sports figures Vince Carter, Tracy McGrady, and Jozy Altidore, have joined the Bills’ ownership group.

The announcement confirms previous reports from October.

Bills’ Value Set at $4.2 Billion

Carter, who was recently inducted into the Basketball Hall of Fame, has had his jersey retired by the Toronto Raptors, the team where he began his NBA career in 1999. Altidore, a Major League Soccer champion with Toronto FC in 2017, identifies as a US soccer player, sports investor, and entrepreneur. McGrady, Carter’s cousin, was inducted into the basketball hall of fame in 2017 and played for the Raptors from 1997-2000.

Sports and Entertainment Powerhouse

Forbes currently values the Bills at $4.2 billion. Scott Boras, a prominent baseball agent, highlighted the massive sports market in Toronto at the Major League Baseball Winter Meetings in Dallas, emphasizing its potential as a sports and entertainment hub.

It’s a sport entertainment juggernaut and should be viewed as such,” he told reporters.

The new minority, non-controlling owners were approved by NFL team owners on Wednesday.

“That’s Our Market”

Pegula mentioned to Tim Graham of The Athletic that his goal is to expand into the Toronto market with the help of the new partners. He expressed his confidence in the Toronto icons and their willingness to contribute to the growth of the Bills.

The other seven investors include Arctos, Rob Palumbo from Accel-KKR, Sue McCollum from Eagle Brand Sales and Double Eagle Distributing, Theresia Gouw from Acrew Capital, Rob Ward from Meritech Capital, Mike Joo from Bank of America, and Tom Burger from Gridiron Capital.

Bills’ Complicated History with Toronto

Despite relying on Toronto for season ticket sales and popularity among bettors in Ontario, the Bills faced criticism during the “Bills Toronto Series” held at Rogers Centre from 2008 to 2012. The series was marred by high ticket prices and the team’s poor performance, leading to a negative reception from fans. Pegula, upon becoming the owner in 2014, canceled the series as one of his initial actions amidst uncertainty about the team’s future in Buffalo.

Under Pegula’s ownership, the Bills have flourished, becoming a top NFL team with a new $2 billion stadium under construction in Orchard Park.