Terrence Pegula

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Terrence M. "Terry" Pegula
TerrencePegula.jpg
Pegula addressing media at Buffalo Sabres press conference.
Born (1951-03-27) March 27, 1951 (age 63)[1]
Carbondale, Pennsylvania
Nationality American
Other names Terry Pegula
Alma mater Pennsylvania State University (BS)
Occupation Businessman
Professional Sports Team Owner
Real Estate Developer
Known for Owner, Buffalo Bills (NFL) pending league approval
Owner, Buffalo Sabres (NHL)
Owner, Rochester Americans (AHL)
Owner, Buffalo Bandits (NLL)
Natural gas tycoon
Net worth Increase US $3.3 billion
(March 2014)[2]
Spouse(s) Kim Kerr (m. 1993)
Children 5 (including Jessica Pegula)

Terrence M. "Terry" Pegula (born March 27, 1951) is an American multi-billionaire. Pegula holds business interests in natural gas development, real estate and professional sports, including full ownership of the Buffalo Sabres of the National Hockey League (NHL) and, pending league finance committee approval, the Buffalo Bills of the National Football League (NFL).

Investments[edit]

Natural gas[edit]

After working for a time for Getty Oil and Felmont Oil Co with $7,500 from family and friends Pegula founded East Resources, a natural gas drilling company that profited heavily upon the discovery of deep layers of natural gas in the Marcellus Formation and the development of the hydraulic fracturing process to recover said gas. Pegula eventually sold the Pennsylvania, New York, and Rocky Mountain assets of the company to Royal Dutch Shell for approximately $4.7 billion. Pegula sold the Ohio and West Virginia assets of the company to American Energy for $1.75 billion in 2014.[3]

Professional sports[edit]

Ice hockey[edit]

On February 18, 2011, Pegula purchased Hockey Western New York LLC (the holding company that owns the Buffalo Sabres and the Buffalo Bandits of the National Lacrosse League) from previous owners Tom Golisano, Larry Quinn, and Dan DiPofi for $189 million.[4] Pegula's purchase made an immediate positive impact, with players,[5] fans and alumni[6] invigorated by his investment in the team and the First Niagara Center. Pegula was quoted as saying, "Starting today, the Buffalo Sabres' reason for existence, will be to win a Stanley Cup."[7]

In May 2011, Pegula began negotiations on behalf of the Sabres to re-purchase the Rochester Americans, which had served as the Sabres' American Hockey League affiliate from 1979 to 2008 (and had been owned by the Sabres from 1979 to 1996); the deal was completed in late June 2011.[8]

American football[edit]

On September 9, 2014 it was announced that Pegula has the winning binding bid to purchase the National Football League's Buffalo Bills, a team that was placed up for sale after the death of previous owner Ralph Wilson.[9][10] Pegula was a favorite among most local Bills fans and local politicians due to his commitment to the Western New York area to buy the team. He faced real estate mogul Donald Trump and musician Jon Bon Jovi backed by the Toronto based Maple Leaf Sports and Entertainment for the team. Terry and Kim Pegula are currently pending approval from the league for ownership, after winning the bid to buy the Bills. It was reported that the Pegulas made a $1.4 billion bid on the team and that it was an all cash purchase.[11][12]

Real estate[edit]

Since his cashout, he has been known for his contributions to higher education athletics; having donated $102 million for the construction of the Pegula Ice Arena on the campus of Penn State University and $12 million for the construction of the Kerr-Pegula Sports Complex at Houghton College located in Western New York.

In 2012 he won a bid for the development rights to the Webster Block on Buffalo's waterfront.[13] The $170 million hockey-themed HARBORcenter building, will be anchored by the two rinks, a large parking garage, retail, restaurants, and a hotel. The building is expected to be fully open in 2015.

Pegula is also the operator of First Niagara Center.

Other investments[edit]

Pegula also owns a share of Black River Entertainment, an independent country music label. The label features such acts as Kellie Pickler and Craig Morgan as well as the related Black River Publishing and Sound Stage Studio all under the Black River label based in Nashville, Tennessee.

Also under the Pegula umbrella is Impact Sports Performance two high performance athletic training facilities which are based in based in Boca Raton, FL and HarborCenter in Buffalo.

Pegula's combined company containing his sports and entertainment assets is called Pegula Sports and Entertainment. The company's offices are based in One Seneca Center in Buffalo, New York.

Philanthropy[edit]

Penn State hockey[edit]

An alumnus of Penn State University, Pegula donated $102 million for the construction of an on-campus arena in 2010.[14] As a result, Penn State, which had fielded a club team for years, would be able to transition into Division I starting in the 2012-13 season.

This led to a domino effect across the college hockey landscape. Because six Big Ten universities now had Division I hockey programs (the minimum number of teams required for a conference to be an automatic postseason qualifier), it was announced that Minnesota, Wisconsin, Michigan, Michigan State, and Ohio State would join Penn State in the Big Ten hockey conference starting in the 2013-2014 season.[15] As a result, the CCHA ceased operations, with most schools (save for the three that joined the Big Ten and Notre Dame) joining the WCHA. Miami University and Western Michigan University, also previously in the CCHA, joined the upstart National Collegiate Hockey Conference along with former WCHA members St. Cloud State, Minnesota-Duluth, Denver, Colorado College, Nebraska-Omaha, and North Dakota. Ex-CCHA member Notre Dame joined Hockey East, which then recruited UConn from the Atlantic Hockey Association, who will begin play in Hockey East in 2014. After the dust settled, the ECAC was the only Division I conference not affected by the major conference realignment.[16]

Personal[edit]

Pegula was born in Carbondale, Pennsylvania where he attended high school at Scranton Preparatory School. From there he attended college at Penn State University where he earned a Bachelor of Science degree in petroleum and natural gas engineering.

He currently lives in Boca Raton, Florida along with his wife, Kim Pegula (née Kerr),[17] a graduate of Houghton College and whose hometown is Fairport, New York.[18] Kim was born in Seoul, South Korea, and at age 5 was adopted in 1973 by Ralph and Marilyn Kerr.[19] He has five children: Michael, Laura, Jessica (Jessie), Kelly and Matthew. Jessica Pegula is a tennis player on the Women's Tennis Association's Pro Circuit.[20]

Political views[edit]

In 2010, Pegula and his wife donated $305,000 to Republican Tom Corbett's campaign during the Pennsylvania governor's race. They were the largest contributors for the Pennsylvania Attorney General.[21] In New York, Pegula has donated $12,000 to Buffalo mayor Byron Brown and $250 to state senator Tim Kennedy, both Democrats.[22]

References[edit]

  1. ^ Happy Birthday Terry Pegula! - Die By The Blade
  2. ^ Forbes: The World's Billionaires - Terrence Pegula March 2014
  3. ^ Wawrow, John (August 5, 2014). Bills bidder Pegula closes $1.75 billion deal. Associated Press. Retrieved August 5, 2014.
  4. ^ Sabres sold to Pegula. WGR. Retrieved 2011-02-03.
  5. ^ Vaughters, Al (2011-04-10). Playoff run gives boost to WNY area. WIVB-TV. Retrieved 2011-04-10.
  6. ^ Malowicki, Jessica (2011-02-24). Pegula era kicks off with surprise. WGRZ. Retrieved 2011-02-24.
  7. ^ [1]. ESPN. Retrieved 2011-04-18.
  8. ^ Wawrow, John (2011-05-17). AP Source: Sabres interested in AHL Rochester. Associated Press. Retrieved 2011-05-17.
  9. ^ Graham, Tim (9 September 2014). "Bills confirm agreement reached with Pegulas to buy franchise". The Buffalo News. Retrieved 9 September 2014. 
  10. ^ "Wilson trust reaches definitive agreement with Pegula family". Buffalo Bills. 9 September 2014. Retrieved 9 September 2014. 
  11. ^ "Buffalo Sabres Owners Reach 'Definitive Agreement' to Buy Buffalo Bills". The Wall Street Journal. September 9, 2014. Retrieved September 10, 2014. 
  12. ^ http://www.wgrz.com/story/sports/nfl/future-of-the-bills/2014/09/16/terry-pegula-buffalo-bills-cash-sale/15714123/
  13. ^ (September 6, 2012). Buffalo, aka ‘Pegulaville,’ prepares for new downtown development thanks to Sabres owner. The Associated Press. Retrieved September 10, 2012.
  14. ^ Penn State Makes it Official: Varsity Programs on the Way :: USCHO.com :: U.S. College Hockey Online
  15. ^ Men's Ice Hockey To Be Recommended As Official Big Ten Sport Beginning With 2013-14 Academic Year - BIG TEN CONFERENCE Official Athletic Site
  16. ^ 2010–13 NCAA conference realignment#Men's ice hockey
  17. ^ Buffalo News: "Sabres' owner-in-waiting comes across as Buffalo kind of guy" By Bucky Gleason March 24, 2011
  18. ^ Golisano's Goodbye & Pegula's Prospects. WBEN. Retrieved 2011-02-03.
  19. ^ Maiorana, Sal (September 9, 2014). "Bills: Wilson trust reaches agreement with Pegulas". Democrat and Chronicle. Retrieved September 10, 2014. 
  20. ^ Pegula reaches USTA quarterfinals. The Buffalo News. Retrieved 2011-05-27.
  21. ^ How Corbett fracked Pa.'s middle class. Philadelphia Daily News. Retrieved 2013-11-06.
  22. ^ Campbell, Jon (September 12, 2014). Pegula's riches come from fracking, not allowed in NY. Gannett. Retrieved September 13, 2014.

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