Buffalo Sabres' owner Terry Pegula has reached an agreement to buy the Buffalo Bills, according to a source informed of the process. The deal should become official on Tuesday.

The Pegulas have garnered great support from public officials and business leaders for their commitment to keep the Bills in Western New York. The 63-year-old billionaire found success as a natural gas and real estate mogul.

"It's historic for Buffalo," the source told Rapoport.