Terry Pegula, an American natural gas billionaire who owns the National Hockey League's Buffalo Sabres, has struck a deal to purchase the National Football League's Buffalo Bills, the team announced Tuesday.
The deal, which must still be approved by NFL owners, is reportedly worth an NFL-record $US1.2 billion ($A1.3 billion) and will keep the team in Buffalo.
Bids for the Bills were due on Monday to representatives of the trust of the late Ralph Wilson, who died last March aged 95.
Wilson founded the Bills in 1959.
Pegula and his wife, Kim, were seen as the most likely bidders to keep the Bills in western New York state.
Real estate mogul Donald Trump and a group including rock star Jon Bon Jovi also submitted bids for the Bills, who have for several years played one home game a season in Toronto in a bid to boost income and regional appeal.
"Being the next owner of the Buffalo Bills would be a great privilege," Pegula said.
"Ralph Wilson left an indelible mark on our community and we will strive every day to honour his legacy.
"Our interest in owning the Bills has everything to do with the people of western New York and our passion for football.
"We have knowledgeable, dedicated fans here and along with our ownership of the Buffalo Sabres, it is gratifying to reassure these great fans that two franchises so important to our region are both here to stay."
The agreement is expected to be considered by NFL owners at a meeting in New York on October 8.
"This is a very important day in the history of the Buffalo Bills," said controlling owner Mary Wilson.
"Ralph brought professional football to Buffalo in 1959 and it was his life's passion. He loved his team and his legacy will remain for all-time.
"Ralph would have been pleased with the sale of the team to the Terry Pegula family. Our hope is that this great franchise brings them as much excitement and joy as it did for Ralph and that they bring home a Super Bowl championship."
The Bills have never won an NFL crown, although they reached the Super Bowl four years in a row from 1991 to 1994, losing to the New York Giants, Washington Redskins and twice to the Dallas Cowboys.
"We now look ahead to the NFL review process in accordance with league policy," Pegula said.
"If awarded final approval, we will be driven to achieve a singular goal: To win a Super Bowl for our fans."
