A person with direct knowledge of the sale process confirmed the winning bid to The Associated Press on Tuesday, hours after late owner Ralph Wilson’s estate announced reaching a “definitive agreement” to sell the team to the Pegulas. The person spoke on the condition of anonymity because the sale was conducted privately.

The price well surpasses  the previous high of $1.1 billion set in 2009, when Stephen Ross completed his purchase of the Miami Dolphins.

The person said the Pegulas went well above the Bills’ estimated value of $935 million to show Wilson’s estate how serious they were in their desire to buy the team. They also wanted to submit a bid they felt would be significantly higher than other prospective ownership groups were willing – or capable – of matching.

The Pegulas, who live in Florida, have established roots in adopting Buffalo as their hometown since purchasing the Sabres in February 2011. Terry Pegula is from Pennsylvania and became a fan of the Sabres in the mid-1970s. Kim is from the nearby Rochester area.

The sale is subject approval by a three-quarters majority of the NFL’s other 31 owners, which is expected to come at league meetings Oct. 8.