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NFL approves new owners of Buffalo Bills

NFL approves new owners of Buffalo Bills
Terry Pegula speaks to NFL owners in New York on Oct. 8, after getting their approval to purchase the Buffalo Bills. (Seth Wenig / Associated Press)

NFL owners on Wednesday unanimously approved the sale of the Buffalo Bills to Kim and Terry Pegula, who have agreed to purchase the franchise for a record $1.4 billion.

The Pegulas already own the NHL's Buffalo Sabres and are set to become the second owners in Bills history, following the death of team founder and owner Ralph Wilson Jr. in March.

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"If you asked me 10 years ago if I was going to own the Sabres and the Bills, I would've called you a liar," said billionaire Terry Pegula, who made his fortune in oil and gas.

The Pegulas plan to keep the Bills in western New York, ending years of speculation the team might relocate to a bigger market in the U.S. or Canada.

The approval of the Pegulas was the first item on the agenda for the league's annual fall meetings, this year held at the Conrad Hotel in downtown Manhattan.

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