A new record was set Tuesday after billionaires Terry and Kim Pegula paid a reported $1.4 billion for the Buffalo Bills. Prior to this, the highest price paid for an NFL team was $1.1 billion for the Miami Dolphins in 2008. The previous team to be sold was the Cleveland Browns, who were purchased by James Haslam for $987 million two years ago, Forbes wrote.

For comparison, Dallas Cowboys owner Jerry Jones paid $150 million for the team when he purchased it in 1989, Forbes wrote. It’s the highest valued team in the National Football League and is now valued at $3.2 billion, according to Forbes. The Seattle Seahawks, ranked 15th on the list, were purchased by owner Paul Allen in 1997 for $194 million and are now valued at $1.3 billion.

The Pegulas, who already own the Buffalo Sabres hockey team, reached the sale agreement with the Buffalo Bills Tuesday, the team announced. Bills fans can take a breath of relief, because the team will remain in Buffalo, the couple wrote in a statement to the Bills’ website.

"Kim and I are humbled and honored that the Wilson family has chosen us to be the second owner of the Buffalo Bills," the statement read. "Pending the NFL approval process, being the next owner of the Buffalo Bills would be a great privilege for our family. Ralph Wilson left an indelible mark on our community and we will strive every day to honor 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."

Pegula has a net worth of $3.3 billion.

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