Buffalo Sabres owner Terry Pegula and wife Kim have reached a tentative agreement to buy the NFL’s Buffalo Bills for around $1 billion.

An official announcement regarding the sale is expected later Tuesday. The rest of the league’s owners must approve the deal, which would likely happen at the next scheduled owners’ meeting Oct. 7-8 in New York.

Earlier Tuesday, it was reported that the Pegulas were “on the verge” of buying the team. On Monday, at least three ownership groups reportedly submitted bids to buy the Bills, including the Pegulas, a group led by real estate mogul Donald Trump and another group that included rock star Jon Bon Jovi. The Pegulas were reportedly the front runners due to their local ties and commitment to keeping the Bills in Buffalo.

U.S. Senator Charles E. Schumer today released the following statement on the Buffalo Bills sale:

“Today’s announcement is great news for Western New York, the Bills, and their passionate fans, who will now be able to breathe a huge sigh of relief. The Pegulas are the perfect choice to carry on Ralph Wilson’s indelible legacy – like Ralph, they have a true commitment to Western New York, are people of serious integrity, and will be excellent owners. Most importantly, based on extensive conversations I have had with Terry over the past few months, he and Kim are deeply committed to keeping the Buffalo Bills in Western New York for generations to come.

I commend the Bills’ leadership, and especially Mrs. Wilson and Jeff Littman, for selecting the Pegulas, and for the thought and care they put into this entire sale process. I look forward to working with Terry and Kim in the weeks, months, and years ahead to ensure a speedy confirmation by the NFL and to help keep the Bills playing – and winning – in Western New York for many, many years to come.”

Congressman Higgins released the following statement in response to the news that the Pegula family will serve as the new owners of the Buffalo Bills:

“Western New York is cheering the news that Terry and Kim Pegula will be the next owners of the Buffalo Bills. The Pegulas have been the clear fan-favorite to carry the ball, following the distinguished 55-year tenure of the franchise founder Wilson family. The Pegulas’ genuine love for this community is palpable. With their waterfront investment in HarborCenter, Terry and Kim Pegula have been a part of remaking Buffalo. We welcome their leadership contributing to continued momentum driving pride in our teams and in our community.”

Governor Cuomo:

“From day one, keeping the Bills in Buffalo has been one of our administration’s top priorities, and reports that Terry and Kim Pegula have been chosen as the team’s new owners highlight a tremendous step toward making that goal a reality. The Bills are an integral part of Western New York, from its economy to its culture, and as the team’s new owners the Pegulas will ensure that the Bills remain at the core of the region’s identity – just as the late Ralph Wilson, Jr. did for 54 years. Terry and Kim have already shown their commitment to the region through the Buffalo Sabres and the construction of the HarborCenter development, and I look forward to working with them in the years to come to keep the Bills in Buffalo, where they belong.”