A process will be established at an appropriate time for the sale of the franchise. This process will ensure that the club complies and is faithful to NFL rules and to its obligations to New York State and Erie County. We plan to have detailed discussions with the NFL, the State and County, and others as we determine the timing and structure of any sales process.
According to NFL Bylaws, a majority of interest and voting rights must be vested in one individual.
1985 RESOLUTION FC-7*
Resolved, that in considering proposed admission for or transfer of
membership under Article III of the Constitution and Bylaws, the members shall
not approve any admission of or transfer to any corporation or partnership unless a majority of the beneficial interest and voting rights in such corporation or
partnership is vested in one individual...
Mary Wilson said, “I have complete confidence in Russ Brandon, our President and CEO, to continue his duties of running the organization. General Manager Doug Whaley and Head Coach Doug Marrone remain empowered by Russ to run the football operation.”
Brandon, Whaley and Marrone will direct the team with the same goal firmly in place -- winning.
As Brandon has stated repeatedly since last week, “We are in mourning over the loss of our founder, owner and friend, Hall of Famer Ralph Wilson. But our organization is operating in the day-to-day functions that we normally would because that’s the way Mr. Wilson would have wanted it.”
WGRZ reports sources say approval of a new owner is possible by the October NFL League meetings but something in early in 2015 is more likely.
A 20-member committee called the New Stadium Working Group recently met to discuss whether the Bills should build a new stadium, or whether Ralph Wilson Stadium should be renovated.
The current stadium lease expires in 2022. The Bills are essentially locked into playing at Ralph Wilson Stadium through 2019 under terms of a 10-year lease agreement they reached with state and county governments in December 2012. The deal features a $400 million penalty the Bills would have to pay in the event a court ruled in favor of the team breaking the lease and relocating.
In 2020, however, the Bills have a one-time opportunity to opt out of the lease for about $28 million.