Buffalo Sabres owners Terry and Kim Pegula have reached a sale agreement with the Buffalo Bills, with the deal reportedly worth around $1.2 billion (£745m).

The takeover is yet to be fully completed as the NFL owners must now approve the sale, with the Bills and Pegulas intending on submitting the agreement for approval at the owners meeting on October 8.

"Kim and I are humbled and honoured that the Wilson family has chosen us to be the second owner of the Buffalo Bills. Pending the NFL approval process, being the next owner of the Buffalo Bills would be a great privilege for our family," Terry Pegula said, according to ESPN.

"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."

The Bills had been up for sale after the death of previous owner Ralph Wilson.