It's no coincidence that Terry Pegula is willing to sell 25 percent of the equity in the Bills.

The NFL is moving toward allowing private equity firms to invest in NFL teams. And private equity firms are getting ready to pounce.

The Financial Times reports, via Sports Business Journal, that private equity are “quietly preparing funds to invest exclusively” in NFL teams. The funds would be exclusive to NFL franchises, with the league seeking investment groups that would create funds to invest in the NFL only, with no investment in sports teams in other sports leagues.

The NFL is still considering the specific details of how private equity investment will work, including the maximum percentage that can be sold to such funds.

It's a way for the NFL to allow owners to raise significant capital from quick and easy pools of cash. As franchise values go up and up, it's a great way to let owners take some money off the table.

And it's coming. It's surely one of the reasons Pegula is selling. And it surely will result in more owners doing the same.