Bills Confirm Talks of Potential Minority Stake Sale amid Carter, McGrady Rumors

The Buffalo Bills confirmed that negotiations toward the potential sale of a minority stake in the franchise are "ongoing" following a Tuesday report that former NBA players Vince Carter and Tracy McGrady and former U.S. soccer player Jozy Altidore are interested in owning part of the team.

Sportico's Scott Soshnick and Eben Novy-Williams initially reported that Carter, McGrady and Altidore are pursuing a stake in the franchise.

The Athletic's Tim Graham previously reported in April that Bills owner Terry Pegula hired investment banking company Allen & Company to handle a potential sale with an estimated stake of 25 percent.

"Earlier this year, the Pegula family retained Allen & Company to explore the potential sale of a non-controlling, minority interest in the Bills," the team said in a statement shared by ESPN's Adam Schefter. "Since then, there has been a significant amount of interest, and our focus has been on finding the right partners for our organization. The process is on-going, and any potential investor cannot be confirmed or finalized until it is approved by the NFL.

"The Pegula family's continued commitment to our fans across this region and beyond, Western New York, and the new Highmark Stadium remains unchanged. Neither the team nor the Pegula family can comment any further at this point."

The Bills currently rank 30th in the NFL with a team valuation of $4.2 billion in the latest estimate by Forbes.

Graham's initial report detailing the involvement of Allen & Company described the reported stake of 25 percent as a "working figure" which was "not set in stone."

According to Graham, the hiring represented the first time Pegula was considering selling minority ownership since his family purchased the Bills in 2014 for $1.4 billion.

The Pegulas could be looking for more investors now that the franchise has committed to paying any overruns on projected costs for the team's new stadium.

The stadium, which is projected to open before the 2026 season, could leave Pegula responsible for approximately $1 billion in costs, Michael Petro, Mark Gaughan and Tim O'Shei recently reported for the Buffalo News.

Soshnick and Novy-Williams noted on Tuesday that the sale to Carter, McGrady and Altidore had not been signed, and that sources said it was "possible the investments do not happen."

All three former athletes spent portions of their professional careers in Toronto, on the opposite side of Lake Ontario from Pegula and the Bills.

McGrady was drafted by the Toronto Raptors in 1997 and spent the first three seasons of his NBA career with the team. He played alongside Carter following the Raptors' decision to draft him the following year.

Altidore later played seven seasons for Toronto FC between 2015 and 2021, including his MLS Cup MVP campaign in 2017.

Now the trio is reportedly looking to become the latest group of former athletes to purchase a stake in NFL franchises. Former U.S. Gymnastics star Dominique Dawes was part of a bid for a minority stake in the Atlanta Falcons in May, while former NFL star Tom Brady is reportedly seeking to purchase a share of the Las Vegas Raiders pending team owners approval.