So long Bon Jovi. Buffalo Sabres owners Terry and Kim Pegula have reached an agreement to purchase the Buffalo Bills. They will be the second ownership group of the franchise after founder Ralph Wilson died in March.
The next step is for the members of Wilson’s estate to get approval from the NFL, but that’s simply a formality.
So, here are five things to know about the new owner of the Bills:
Pegula has strong ties to Buffalo: With Pegula taking over the Bills, the franchise will not be coming to Toronto. Despite being born in Pennsylvania and living in Boca Raton, Fla., Pegula is committed to the Western New York area. Kim, his wife, was born in Rochester and two of his youngest daughters were born in Buffalo.
Pegula’s latest project: The Sabres owner has recently contributed significant resources into an entertainment complex in the downtown Buffalo area. He’s currently working on a project called “Harborcenter,” which is a $170-million facility that will include two ice rinks, a hotel and restaurants across from the First Niagara Center. According to Syracuse.com, the Harborcenter is expected to create at least 300 full-time jobs.
Where Pegula made his money: Pegula studied math and petroleum engineering at Penn State before joining Getty Oil following his graduation. In 1983, Pegula founded East Resources, a natural gas and drilling company, thanks to a small loan from his family and friends. Pegula built up the company and sold it to Royal Dutch Shell for $4.7 billion in May of 2010. Close to a year later, Pegula purchased his favourite hockey team, the Sabres, for $189 million. The Bills no longer will have financial concerns, as Forbes recently estimated Pegula’s net worth at $3.3 billion.
His huge donation to Penn State: In September 2010, Pegula and his wife donated over $100 million to his alma mater – the largest private gift in the history of the school – to fund a state of the art arena and practice facility. The arena helped establish Penn State as a NCAA Division I hockey team and now both the varsity men’s and women’s teams play at Pegula Ice Arena. Because of his donation, Pegula was selected in 2014 as one of eight Penn State alumni to receive the Distinguished Alumni Award, the University’s highest award for an individual.
Pegula already has NFL connections: Shortly after buying the Sabres, Pegula purchased Atlanta-based France AllPro Athlete Management, a football agency led by sports agent Todd France. According to Forbes, there are 44 active players including recently suspended running back Ray Rice that are represented by the agency. When Pegula officially takes over, it’s safe to assume the NFL will not want him to maintain his ownership of the agency.