10/08/2014 09:46 EDT | Updated 12/08/2014 05:59 EST

Buffalo Bills Sold: NFL Owners Unanimously Approve Sale To Terry And Kim Pegula

ORCHARD PARK, NY - OCTOBER 13: Thad Lewis #9 of the Buffalo Bills completes his first pass of the game during NFL game action against the Cincinnati Bengals at Ralph Wilson Stadium on October 13, 2013 in Orchard Park, New York. (Photo by Tom Szczerbowski/Getty Images)
NEW YORK, N.Y. - NFL owners have unanimously approved the sale of the Buffalo Bills to Terry and Kim Pegula.

The husband and wife already own the NHL's Buffalo Sabres. Longtime Bills owner Ralph Wilson died in March, prompting the sale.

The Pegulas offered $1.4 billion to buy the NFL franchise. Buffalo sports fans were concerned the team could be moved out of state if purchased by another group.

Kim Pegula is expected to have a high-ranking role with the Bills, working alongside current team president Russ Brandon.

Terry Pegula has a net worth valued of over $3.5 billion, and made his fortune in the natural gas industry. In 2010, he completed a deal to sell a large portion of his company East Resources' assets for $4.7 billion to Royal Dutch Shell.

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