The charitable foundation of the late Buffalo Bills owner Ralph C. Wilson Jr. is set to receive a windfall from his estate's planned $1.4-billion sale of the NFL team, The Buffalo News reports. An informed source tells the newspaper that Mr. Wilson directed that the Ralph C. Wilson Foundation focus its spending on community needs in Buffalo and his hometown of Detroit.
The potential addition of hundreds of millions of dollars to the Buffalo area's philanthropic pool could have a game-changing impact on the region's nonprofits, the News also writes. The largest philanthropy in the region, the John R. Oishei Foundation, has assets of $310-million and made $20-million in grants last year.
The Wilson foundation had nearly $2.5-million in assets in fiscal year 2012, according to tax filings, and gave away $1.9-million, focusing on medical services and research, youth programs, and sports-related causes. How much the foundation will get from the sale of the Bills to billionaire businessman and Buffalo Sabres owner Terry Pegula could become clear after Wednesday's vote on the deal by NFL owners.