Vince Carter and Tracy McGrady join Bills' ownership group as limited partners

IRVING, Texas (AP) — Basketball Hall of Famers Vince Carter and Tracy McGrady are among 10 limited partners who have joined the Buffalo Bills’ ownership group.

The noncontrolling, minority interests were approved Wednesday by NFL team owners at the league’s winter meetings. This is the first time in Bills' franchise history that minority owners have been added.

NFL team owners approved a measure earlier this year that allows investments into franchises by private equity funds. The league’s ownership rules had been among the most restrictive in professional sports.

Other teams also are finalizing the addition of limited partners. NFL team owners also approved Wednesday the minority, noncontrolling interest sales involving the Miami Dolphins and Philadelphia Eagles.

Terry and Kim Pegula bought the Bills for $1.4 billion from the estate of late Hall of Fame owner Ralph Wilson in 2014.

As part of the deal, they will retain about 79% control of the team, a person with knowledge of the sale told The Associated Press. Under the sale terms, the Bills were valued “well north of $4.5 billion,” a second person told the AP, meaning the Pegulas will get more than $927 million in the deal.

Both people spoke to the AP on the condition of anonymity because the Bills did not reveal those details.

Carter and McGrady's connections to Toronto — both played for the NBA Raptors — are considered advantages because of their potential to help the small-market team generate further interest in Canada's largest city, located about a two-hour drive from Buffalo. Toronto is considered part of the Bills' marketing region, with southern Ontario residents representing more than 15% of the team's season-ticket base.

Former U.S. National Team soccer player and MLS Champion Jozy Altidore is among the new limited partners.

The remaining seven partners, pending final closing of the agreements: private investment firm Arctos, Rob Palumbo, co-managing partner of Accel-KKR; Sue McCollum, CEO and owner of beverage distribution companies Eagle Brand Sales and Double Eagle Distributing; Theresia Gouw, co-founder and managing partner of the venture capital firm Acrew Capital; Rob Ward, co-founder, general partner of venture capital firm Meritech Capital; Mike Joo, COO, Global Corporate and Investment Banking and Head of North America Corporate and Investment Banking at Bank of America; and Tom Burger, co-founder and managing partner of the investment firm Gridiron Capital.

“I’m the kind of person that I believe two heads are better than one,” Terry Pegula said. “We can bring in Arctos with their experience worldwide and multiple sports, I think is a good thing. And I’m willing to listen on the business side to any input they may have. Our other limiteds, the individuals, most of them are Bills fans from their youth. They were Bills fans before I was a Bills fan. So I’m excited to deal with them. One of the things that I wanted to accomplish also was to bring in some women. We’ve got two female investors who are very successful business people. I’ve got three daughters that are involved in the team, hopefully more so in the future. And I think that’s a good thing for them to learn some business acumen from and have some female input. Because when Kim went down, that was a loss of influence on my daughters. As far as the business side goes, she’s unable to be involved.”

Kim Pegula is still recovering from a debilitating cardiac arrest suffered in June 2022.

Dolphins owner Stephen Ross announced an investment deal with Ares Management funds and Brooklyn Nets owners Joe Tsai and Oliver Weisberg.

The transaction includes assets such as Hard Rock Stadium and the Formula 1 Crypto.com Miami Grand Prix, with the investment fueling continued growth across Ross’ diverse South Florida-based sports and entertainment portfolio. Ares will acquire a 10% stake, while Tsai and Weisberg together will hold a 3% interest, pending final closing of the agreements.

Eagles owner Jeffrey Lurie received approval for the sale of an 8% interest of the team to two family investment groups, a person familiar with the agreement told the AP. The person spoke on condition of anonymity because the team hasn't announced the deal.

Seven-time Super Bowl champion Tom Brady already purchased a minority stake in the Las Vegas Raiders in a deal approved by NFL team owners in October.

AP Sports Writers John Wawrow in Orchard Park, New York, and Alanis Thames in Miami Gardens, Florida, contributed to this report.

AP NFL: https://apnews.com/hub/NFL

FILE - Former Toronto Raptors player Vince Carter speaks to media ahead of his number retirement at the Scotiabank arena in Toronto, Nov. 2, 2024. (Christopher Katsarov/The Canadian Press via AP, File)

FILE - Tracy McGrady is seen during the second half of the NBA All-Star basketball game, Feb. 16, 2020, in Chicago. (AP Photo/Nam Huh, File)

CLEVLEAND (AP) — Shane Bieber's comeback with Cleveland has double meaning. And deeper meaning.

The former Cy Young winner re-signed with the Guardians on Wednesday, a reunion that seemed unlikely when he became a free agent following last season. However, the 29-year-old Bieber decided to stick with the AL Central champions after making just two starts in 2024 before undergoing Tommy John surgery.

There were other offers. None of them matched what he already had in Cleveland.

“It's the relationships,” Bieber said on a Zoom call. "The development staff. The coaching staff. My teammates. Having continuity and familiarity in those realms I feel like can prove beneficial not only to me but my family and everybody really involved.

"That was big for me to feel confident in my rehab where I’m at right now. Nobody knows me as well as Cleveland does and vice versa, so I’m happy to be continuing with them."

Bieber agreed last week to a one-year, $14 million contract. The deal includes a $16 million player option for 2026.

Not long ago, it seemed as if Bieber, who is 62-32 with a 3.22 ERA in 132 starts over seven seasons for Cleveland, was determined to continue his career elsewhere. He had turned down previous long-term offers in the past from the Guardians, and it was expected he would sign with another contender, likely on the West Coast.

But the California native has a special connection with the Guardians, who selected him in the fourth round of the 2016 draft. And while a setback, the injury and surgery helped Bieber realize that he was already in the perfect place.

“I had plenty of great meetings and beneficial and progressive meetings with other ball clubs,” he said. "Everybody handled everything first class all the way, and I’ve got great things to say about plenty of other organizations.

“Ultimately, Cleveland made the call and I was happy to receive it and come to terms and so I’m happy with where I’m at. My family’s ecstatic. It was very clearly the right decision for not only myself, my family, and we’re excited to continue it.”

Bieber, who won the AL Cy Young in the pandemic-shortened 2020 season, threw only 12 innings last season before lingering issues with his elbow forced him to have surgery. He is expected to join Cleveland's rotation at some point in 2025.

He's throwing three days a week at 90 feet and encouraged by his progress. As for when he'll take the mound in a game, that's currently unknown.

“I’m pushing, pushing, pushing.” he said. “I feel great. I haven’t skipped a beat. When I ask for a (return) date, they don’t even give me a date. So there’s a long way to go.”

A two-time All-Star, Bieber burst onto the national stage in 2019 when he was named MVP of the midsummer event in Cleveland. He has the highest strikeout ratio per nine innings (10.2) and third-highest winning percentage (.660) in the franchise's 124-year history.

Bieber is one of just three Cleveland pitchers to start five season openers, joining Stan Coveleski (1917-21) and Corey Kluber (2015-19).

While Bieber had some elbow issues in the past, he didn't appear to be struggling before being shut down. He struck out 11 in six scoreless innings against Oakland on March 28, and followed that up with six more shutout innings at Seattle on April 2.

Days later, and with his season officially over, Bieber became emotional during a news conference at Progressive Field. He knew that in the short-term his life would be different and baseball, as he had always known it, would be on the backburner.

Bieber said it took a while before he “digested” his new reality.

He coped by immersing himself in his recovery, and Bieber found joy in watching his teammates storm through an unexpected season to a division title.

Although it may not have been the same because he wasn't contributing on the field the way he always had, the hardships may have given Bieber something he needed.

“It’s provided a lot of perspective,” he said. “It was a hard season this year for me and my family, but it was a great one. We’re expecting a baby and it was a season full of growth and I’m very excited to continue that into 2025.”

AP MLB: https://apnews.com/hub/MLB

FILE - Cleveland Guardians starting pitcher Shane Bieber throws against the Seattle Mariners in a baseball game, April 2, 2024, in Seattle. (AP Photo/Lindsey Wasson, File)

FILE - Cleveland Guardians pitcher Shane Bieber throws to an Oakland Athletics batter during the first inning of a baseball game Thursday, March 28, 2024, in Oakland, Calif. (AP Photo/Godofredo A. Vásquez, File)