Terry Pegula says his desire to buy the Buffalo Bills was born out of a fear of the franchise potentially relocating.

And he's humbled by the opportunity to succeed Hall of Fame owner Ralph Wilson, who died in March.

Pegula broke down in tears numerous times during a 45-minute news conference Friday, when he and his wife Kim were formally introduced as the Bills co-owners. The Pegulas' NFL-record $1.4 billion bid was approved unanimously by league owners Wednesday.

Pegula, who also owns the NHL Buffalo Sabres, says the Bills' purchase price wasn't an issue if it meant guaranteeing the franchise staying in western New York.

He intends to keep Russ Brandon on as team president. He adds there have been preliminary discussions about the possibility of building a new stadium.

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