IRVING, Texas — Basketball Hall of Famers Vince Carter and Tracy McGrady are among 10 limited partners who have joined the Buffalo Bills' ownership group.
The noncontrolling, minority interests were approved Wednesday by NFL team owners at the league's winter meetings. This is the first time in Bills' franchise history that minority owners have been added.
NFL team owners approved a measure earlier this year that allows investments into franchises by private equity funds. The league's ownership rules had been among the most restrictive in professional sports.
Other teams also are finalizing the addition of limited partners. NFL team owners also approved Wednesday the minority, noncontrolling interest sales involving the Miami Dolphins and Philadelphia Eagles.
Terry and Kim Pegula bought the Bills for $1.4 billion from the estate of late Hall of Fame owner Ralph Wilson in 2014.
As part of the deal, they will retain about 79% control of the team, a person with knowledge of the sale told The Associated Press. Under the sale terms, the Bills were valued ''well north of $4.5 billion,'' a second person told the AP, meaning the Pegulas will get more than $927 million in the deal.
Both people spoke to the AP on the condition of anonymity because the Bills did not reveal those details.
Carter and McGrady's connections to Toronto — both played for the NBA Raptors — are considered advantages because of their potential to help the small-market team generate further interest in Canada's largest city, located about a two-hour drive from Buffalo. Toronto is considered part of the Bills' marketing region, with southern Ontario residents representing more than 15% of the team's season-ticket base.