It took a few months for everything to come together, but all indications are that Terry Pegula has signed a purchase agreement to complete his acquisition of the Buffalo Sabres. An official release could come as soon as this afternoon, and Pegula should be introduced this week.So who is this mysterious man that has burst onto the hockey scene, first by bringing a Division I hockey team to Penn State, and now by buying the Buffalo Sabres?
Terrence Pegula hails from Carbondale, Pennsylvania, and attended Penn State where he earned a degree in Petroleum and Natural Gas Engineering.
He made his multi-billion dollar fortune as the founder and CEO of East Resources, a privately held company founded in 1983 and based in Warrendale, Pennsylvania. In July, the company was sold to Dutch Royal Shell for $4.7 billion.
Pegula and his wife also co-founded Black River Music Group in Nashville, Tennessee, and Ayrault Sports Agency in Charlotte, North Carolina.
In September, the Pegulas donated $88 million to Penn State to fund the construction of a new hockey arena and the creation of a brand-new Division I program.
Mr. Pegula’s ties to the Buffalo area begin with his wife, who grew up in western New York and is a huge Sabres fan. Pegula himself has lived in Orchard Park and Olean.
The Pegulas currently live in Boca Raton, Florida.
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