Pegula Said in Talks to Sell Stake in Buffalo Bills to Arctos

Investment firm Arctos Partners is in talks to acquire a minority stake in the National Football League’s Buffalo Bills, according to people with knowledge of the matter.

The firm, led by managing partner Ian Charles, is in discussions to buy a stake from controlling owner, billionaire Terry Pegula, said the people, who requested anonymity to discuss confidential information. A transaction hasn’t been agreed to and it’s possible another suitor, or suitors, could emerge.

A representative for the Buffalo Bills said the team’s sale of a non-controlling, minority stake remains ongoing and “any potential investor cannot be confirmed or ...