Bills owner Terry Pegula has apparently commenced succession planning by transferring a “small percentage” of the team to his daughter, Laura.
Tim Graham of TheAthletic.com reports on the development.
The move comes in the aftermath of co-owner Kim Pegula’s heart attack that has left her incapacitated. Terry and Kim had owned the team on a 50-50 basis. In March 2023, Terry became her guardian, with many of her assets placed in a trust.
Not long thereafter, Terry “transferred a small percentage of the Bills to Laura to satisfy a league policy that aids in succession planning,” per the report.
Given the league’s requirement that every controlling owner submit an annual succession plan that names the person who would take over if the controlling owes dies or becomes legally incapacitated, this implies that Laura is the named successor to Terry. While that can change, it points to Terry eventually assigning the team to Laura.
Laura is Terry Pegula’s daughter from a prior marriage. Jessica, the daughter of Terry and Kim, also has expressed a desire to become involved in management of the team.
At this point, the big decisions will apparently be made by Terry. It’s important that he have a clear and firm succession plan in place. Pat Bowlen, the late owner of the Broncos, divided the team among his seven children but put none of them in charge. That eventually resulted in the sale of the team. Similarly, Titans founder Bud Adams divided the equity in his team among the three branches of his family tree without putting any of them in charge, creating years of uncertainty and understated acrimony with the league over the question of control.
Whatever Terry Pegula does, it’s important for him to have a clear plan in place before he dies or becomes unable to make such decisions.
Source Agencies
