Terry Pegula
Terrence Pegula | |
---|---|
![]() Pegula in 2015 | |
Born | [1] | March 27, 1951
Alma mater | Pennsylvania State University(BS) |
Occupation(s) | Petroleum engineer Professional sports team owner Real estate developer |
Known for | Owner/president ofBuffalo Bills(NFL) Owner/president ofBuffalo Sabres(NHL) Owner ofRochester Americans(AHL) Owner ofBuffalo Bandits(NLL) Owner ofRochester Knighthawks(NLL) Owner ofPegula Sports and Entertainment Owner of JKLM Energy Natural gastycoon |
Spouses | |
Children | 5 (includingJessica) |
Terrence Michael Pegula(born March 27, 1951) is an Americanbillionairebusinessman and petroleum engineer. He is the owner of theBuffalo Sabresof theNational Hockey League(NHL) and, with his wifeKim Pegula,theBuffalo Billsof theNational Football League(NFL). He is also the president of both franchises. Amassing his fortune via investments infracking,[2]Pegula has interests in natural gas development, real estate, entertainment, and professional sports. His net worth is over $7 billion.[2]
Early life
[edit]Pegula was born inCarbondale, Pennsylvania.His father worked in truck driving and coal mining.[3]His mother hails fromMontreal,Quebec, Canada. He attended high school atScranton Preparatory School.From there he attended college atPenn State Universitywhere he earned aBachelor of Sciencedegree in petroleum and natural gas engineering. Beginning in 1985, he was based inAllegany, New York.[4]
Oil and gas development
[edit]After working for a time forGetty Oiland Felmont Oil Co., Pegula foundedEast Resourcesa natural gas drilling company, with $7,500 from family and friends in 1983. It profited heavily upon discovery of deep layers of natural gas in theMarcellus Formationand development of thehydraulic fracturing( "fracking" ) recovery process.[5]Pegula eventually sold the Pennsylvania, New York, and Rocky Mountain assets of the company toRoyal Dutch Shellfor approximately $4.7 billion.[6]He sold the Ohio and West Virginia assets of the company toAmerican Energy Partners, LPfor $1.75 billion in 2014.[7]Pegula also owns Greater Rocky Mountain Regional Oil & Gas in Colorado and Wyoming, and JKLM Energy in Pennsylvania.[6][8]
Professional sports
[edit]Buffalo Sabres
[edit]In February 2011, Pegula purchased Hockey Western New York LLC (the holding company that owns the Buffalo Sabres and theBuffalo Banditsof theNational Lacrosse League) from previous ownersTom Golisano,Larry Quinn,and Dan DiPofi for $189 million.[9]Pegula's purchase made an immediate positive impact, with players,[10]fans and alumni[11]invigorated by his investment in the team, the thenFirst Niagara Centerand the building ofHarborcenteracross the street. Pegula was quoted as saying, "Starting today, the Buffalo Sabres' reason for existence, will be to win aStanley Cup."[12]
However, in the decade that followed, the Buffalo Sabres posted a 281-354-94 record and held thelongest active NHL post-season drought.[13]Pegula and his wife have been heavily criticized for meddling in the Sabres' hockey operations. Many fans and critics alike have attributed the team's firing of six head coaches and three general managers since 2013 to this, as well as other controversial moves such as the trades ofRyan O'ReillyandJack Eichel.[14]
Buffalo Bandits
[edit]Included in the Sabres purchase was theirNational Lacrosse League(NLL) counterpart, theBuffalo Bandits,which have won five NLL championships. The Bandits won the NLL championship in2023,giving Pegula his first championship under his ownership of the team.[15]
Rochester Americans
[edit]In May 2011, Pegula began negotiations on behalf of the Sabres to re-purchase theRochester Americans,which had served as the Sabres'American Hockey Leagueaffiliate from 1979 to 2008 (and had been owned by the Sabres from 1979 to 1996); the deal was completed in late June 2011.[16]As part of the deal the Americans had to be split off from its NLL counterpart theRochester Knighthawkssince Pegula owned the Bandits due to ownership rules at the time. Along with the purchase of the Americans came upgrades to the team's arena, theBlue Cross Arena.
Buffalo Bills
[edit]On September 9, 2014, it was announced that Pegula had placed the winning binding bid to purchase theNational Football League(NFL)'sBuffalo Bills,a team that was placed up for sale after the death of the original owner and team founder,Ralph Wilson.[17][18]Pegula was a favorite among most local Bills fans and local politicians to buy the team due to his commitment to the Western New York area and local connections. He competed against future U.S. PresidentDonald Trumpand musicianJon Bon Jovi,the latter of whom was backed by principals of theToronto-basedMaple Leaf Sports and Entertainment,for purchase of the team. It was reported that the Pegulas made a $1.4 billion bid, all in cash.[19][20][21]On September 17, 2014, the Pegulas were unanimously approved by the NFL's finance committee and were then scheduled to be presented at the NFL owners' meeting on October 8, 2014, for final owner approval; the Pegulas received unanimous approval from the league's owners on October 8 and closed the deal on October 10.
Pegula's first major order of business was to end theBills Toronto Series,which he did in an agreement reached on December 3, 2014.[22][23]
Upon the purchase of the Bills, Pegula and his wife Kim introducedOne Buffalo,a marketing campaign which has since evolved into a brand used across all of their sports teams and associated products.[24]
On March 28, 2022, it was announced that a deal had been reached between New York State, Erie County and the Pegulas for a62,000 seat, $1.4 billion new stadium for the BillsinOrchard Parkacross the street from the current stadium. New York State will contribute $600 million in funding with Erie County contributing $250 million, the Pegulas contributing $350 million and the National football league via a G-4 loan $200 million. In addition the Pegulas signed the Bills to a 30-year iron clad lease.[25]The stadium would be owned by New York State, a change from the current stadium which is owned by Erie County.[2]New York committed to pay the maintenance and repair costs of the stadium.[26]It was set to be the largest taxpayer contribution ever for a National Football League facility.[2]The agreement was released four days before the New York state budget was due to be passed, making it hard for lawmakers to scrutinize the agreement. Critics of the agreement characterized it ascorporate welfare.[2]
Buffalo Beauts
[edit]On December 21, 2017, it was announced that Pegula had acquired theBuffalo Beautsof the league then known as the National Women's Hockey League and now as thePremier Hockey Federation.This made the Beauts the first NWHL team not owned by the league, the first professional women's hockey team in North America owned by the same person that owned the market's NHL team and got Pegula into women's hockey.[27]Pegula divested the Beauts in 2019.
Rochester Knighthawks
[edit]In 2018, Pegula reached an agreement to purchase the intellectual property of theRochester Knighthawksof theNational Lacrosse Leaguein autumn 2019. Curt Styres orchestrated the sale as he planned on moving his staff and roster to anew Halifax NLL teamset to debut in the winter of 2020.[28]
Investments
[edit]Real estate
[edit]In 2012, he won a bid for the development rights to the Webster Block onBuffalo's waterfront.[29]The $170 millionhockey-themedLECOM Harborcenterbuilding, which is anchored by the two rinks, a large parking garage, retail, restaurants and a hotel, mostly opened in November 2014 with the rinks, restaurants and parking garage fully completed and opened in August 2015 with the completion and opening of the hotel and retail. Pegula is also the operator ofKeyBank CenterandBlue Cross Arena.In 2017, Pegula purchased 79 Perry Street, near KeyBank Center and teamed up withLabatt USAto redevelop the building into a mixed use facility including a small test brewery called the "Labatt Brew House" and restaurant called "The Draft Room" as well as Labatt's U.S. headquarters, Pegula Sports and Entertainment's headquarters, and residential space.
Other investments
[edit]Pegula also owns a share ofBlack River Entertainment,an independentcountry musiclabel. The label features such acts asKelsea Ballerini,Kellie PicklerandCraig Morganas well as the related Black River Publishing and Sound Stage Studio all under the Black River label based inNashville, Tennessee.
Also under the Pegula umbrella isImpact Sports Performance,two high performance athletic training facilities which are based inBoca Raton, FloridaandLECOM Harborcenterin Buffalo. Pegula owned716 Food and Sport,a two floor sports themed restaurant which serves as the main business tenant of LECOM Harborcenter until he sold it toSouthern Tier Brewing Companyin 2021.
Through a partnership with Southern Tier Brewing Company, Pegula launched a "One Buffalo" brandedcraft beerthat sells at all Pegula-owned properties and elsewhere in the region.[30]The One Buffalo brand has also been extended to a flavor ofPerry's Ice Cream(which already licensed Bills and Sabres themed flavors prior to Pegula's purchases of the teams) and premium cupcakes, both formulated by Pegula's wife, a pronounced fan of desserts.[31]
In July 2022, Pegula established Bison Wealth, a back-office consulting service based inAtlanta, Georgia.[32]
Wealth
[edit]According to Bloomberg, Pegula had a net worth over $7 billion as of July 2021.[33]
Philanthropy
[edit]Penn State hockey
[edit]An alumnus ofPennsylvania State University(Penn State), Pegula donated $102 million for the construction of the on-campusPegula Ice Arenain 2010.[34]As a result, thePenn State Nittany Lions,which had fielded club teams in both men's and women's hockey for years, would be able to transition both teams intoNCAA Division Istarting in the 2012–13 season.
This led to adomino effectacross the men's college hockey landscape. Because sixBig Tenuniversities now had Division I men's hockey programs (the minimum number of teams required under Big Ten bylaws for official conference sponsorship, and also the minimum 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.[35]As a result, theCCHAceased operations, with most schools (save for the three that joined the Big Ten andNotre Dame) joining theWCHA.Miami UniversityandWestern Michigan University,also previously in the CCHA, joined the upstartNational Collegiate Hockey Conferencealong with former WCHA membersSt. Cloud State,Minnesota-Duluth,Denver,Colorado College,Nebraska-Omaha,andNorth Dakota.Ex-CCHA member Notre Dame joinedHockey East,which then recruitedUConnfrom theAtlantic Hockey Associationto begin play in Hockey East in 2014. After the dust settled, theECACwas the only Division I conference not affected by the major conference realignment.[36]Notre Dame subsequently left Hockey East in 2017 to join the Big Ten for hockey only.[37]
Because Penn State's arrival gave the Big Ten only four varsity women's hockey programs, that conference was unable to add the sport, meaning that the women's hockey landscape did not undergo the radical changes that occurred in the men's game. The Penn State women's team settled inCollege Hockey America,a league that sponsors only women's hockey.
Houghton College
[edit]The Pegulas donated $12 million toHoughton CollegeinHoughton, New York,of which Kim Pegula is an alumna, to build the Kerr-Pegula Athletic Complex. The facility includes new baseball and softball stadiums and a 115,000 square-foot field house with an eight-lane 200-meter track, five tennis courts, weight room, cardiac fitness center, and locker rooms. The new facility is mainly targeted toward Houghton College intercollegiate athletics, which recently moved up to Division III Athletics and the Empire 8 Conference. It opened on October 4, 2014.[38]
Personal life
[edit]He currently lives inBoca Raton, Florida,along with his second wife,Kim Pegula(formerly Kerr),[39]who grew up inFairport, New York,and is a graduate ofHoughton College.[40]Kim was born inSeoul,South Korea,and at age 5, she wasadoptedin 1974 by Ralph and Marilyn Kerr.[41]He has five children, two from a previous marriage to Anne Shirley (Michael and Laura), and three with Kim (Jessica, Kelly, and Matthew).[42]Jessica Pegulais a top 10 tennis player on theWomen's Tennis Association'sPro Circuit.[43]Pegula owns a large yacht, christenedTop Five.[44]
In 2024, Laura Pegula, a longtime employee in Pegula's petroleum businesses, assumed a minority stake in the ownership of the Bills, following Kim being declared legally incapacitated in March 2023 following a June 2022 stroke; under the terms of the declaration, Kim was declared a ward in the custody of her husband and her assets transferred to a trust managed by Terry and by Bob Long, a longtime business partner of Pegula's.[45]
Political views
[edit]Though Pegula has been identified as aRepublican,he does not speak publicly about his specific political views.[46]Pegula and his wife have made political donations to politicians of both parties, generally to incumbents.[47]In 2010, Pegula and his wife donated $305,000 to RepublicanTom Corbett's campaign during thePennsylvania governor's race;they were the largest contributors to the thenPennsylvania Attorney General.[48][49]In New York, Pegula and his wife donated $25,000 to New York GovernorAndrew Cuomo's campaign during the2014 electionsand also donated $12,000 to Buffalo mayorByron Brown,$2,500 to U.S. senatorChuck Schumer,and $250 to state senatorTim Kennedy,allDemocrats.[8][50]Pegula expressed support for legalizingridesharing companiesin upstate New York, where it had at the time remained illegal (as of 2017, New York State had only legalized it inNew York City) and announced intent to partner withUberto provide transportation to Pegula's sporting events.[51]
References
[edit]- ^Happy Birthday Terry Pegula!Die By The Blade
- ^abcdeFerré-Sadurní, Luis (2022-03-28)."Buffalo Bills Strike Deal for Taxpayer-Funded $1.4 Billion Stadium".The New York Times.ISSN0362-4331.Retrieved2022-03-28.
- ^"Kim Pegula reveals her greatest wish for Buffalo".November 6, 2019.
- ^Pollock, Chuck (July 3, 2015).Pegula has kept fans excited.Olean Times Herald.Retrieved July 4, 2015.
- ^"Pegula Made His Fortune by Tapping into the Fracking Frenzy".David Robinson. Buffalo News.September 9, 2014.RetrievedMarch 28,2018.
- ^ab"Deep in the Hills of Pennsylvania, Terry Pegula's Other World".Tom Precious. Buffalo News.September 24, 2017.RetrievedMarch 28,2018.
- ^Wawrow, John (August 5, 2014).Bills bidder Pegula closes $1.75 billion deal.Associated Press. Retrieved August 5, 2014.
- ^ab"At Number 4 Pegulas are among the wealthiest in NFL".Tom Precious. Buffalo News.October 5, 2014.RetrievedOctober 5,2014.
- ^Sabres sold to PegulaArchived2014-08-08 at theWayback Machine.WGR. Retrieved 2011-02-03.
- ^Vaughters, Al (2011-04-10).Playoff run gives boost to WNY area.WIVB-TV.Retrieved 2011-04-10.
- ^Malowicki, Jessica (2011-02-24).Pegula era kicks off with surpriseArchived2013-01-11 atarchive.today.WGRZ.Retrieved 2011-02-24.
- ^[1].ESPN. Retrieved 2011-04-18.
- ^[2]WKBW Buffalo.
- ^Ginise, Brian (22 June 2020)."Sabres: The Pegulas are the Problem in Buffalo".thehockeywriters.The Hockey Writers.Retrieved13 May2021.
- ^"Buffalo Bandits Get Over The Hump, Win First NLL Cup Since 2008 And Fifth in Franchise History".NLL.National Lacrosse League. June 3, 2023.RetrievedJanuary 20,2024.
- ^Wawrow, John (2011-05-17).AP Source: Sabres interested in AHL Rochester[permanent dead link].Associated Press. Retrieved 2011-05-17.
- ^Graham, Tim (September 9, 2014)."Bills confirm agreement reached with Pegulas to buy franchise".The Buffalo News.RetrievedSeptember 9,2014.
- ^"Wilson trust reaches definitive agreement with Pegula family".Buffalo Bills. September 9, 2014. Archived fromthe originalon September 10, 2014.RetrievedSeptember 9,2014.
- ^"How Fracking Bought the Buffalo Bills".The Atlantic.September 9, 2014.RetrievedMarch 28,2018.
- ^"Buffalo Sabres Owners Reach 'Definitive Agreement' to Buy Buffalo Bills".The Wall Street Journal.September 9, 2014.RetrievedSeptember 10,2014.
- ^TEGNA."Pegula's Bills Bid to Be Vetted by NFL's Finance Committee".Archived fromthe originalon 2014-09-16.
- ^"Bills reach deal to terminate remaining Toronto games".December 3, 2014.
- ^Patra, Kevin (December 3, 2014)."Buffalo Bills terminate Toronto series".National Football League.RetrievedDecember 3,2014.
- ^Guggenmos, Emily (October 12, 2014).Pegulas announce One Buffalo campaign.WIVB-TV.Retrieved October 12, 2014.
- ^Reporters, Tim O'Shei and Jason Wolf News (28 March 2022)."Buffalo Bills, New York State, Erie County reach 'ironclad' 30-year deal to build $1.4 billion stadium".Buffalo News.Retrieved2022-03-28.
- ^Reporter, Stephen T. Watson News Staff (28 March 2022)."Here is the cost breakdown for new Bills stadium".Buffalo News.Retrieved2022-03-28.
- ^Staff, NWHL.zone (2017-12-21)."TERRY AND KIM PEGULA ACQUIRE BUFFALO BEAUTS".National Women's Hockey League.Archived fromthe originalon 2017-12-22.Retrieved2017-12-21.
- ^WHAM."Pegulas to take over Rochester Knighthawks as owner departs".WHAM.Retrieved2018-09-13.
- ^(September 6, 2012).Buffalo, aka ‘Pegulaville,’ prepares for new downtown development thanks to Sabres owner[dead link].Associated Press. Retrieved September 10, 2012.
- ^Belcher, Mark (August 14, 2015). "Buffalo gets a beer named after the One Buffalo movement."WIVB-TV.Retrieved August 14, 2015.
- ^Kim Pegula presents One Buffalo Cupcake.WGRZ-TV.Retrieved September 21, 2016.
- ^Stupples, Benjamin (July 29, 2022)."Buffalo Bills Owner Backs Startup Targeting Wealth Advisory Boom".bloomberg.Retrieved2022-08-03.
- ^"Terry Pegula".Bloomberg.Bloomberg.RetrievedJuly 15,2021.
- ^"Penn State Makes it Official: Varsity Programs on the Way:: USCHO:: U.S. College Hockey Online".17 September 2010.
- ^"Big Ten Official Athletic Site".Big Ten Conference.Archived fromthe originalon 2013-05-27.Retrieved2013-10-16.
- ^2010–13 NCAA conference realignment#Men's ice hockey
- ^"Notre Dame joins Big Ten conference for hockey: 3 things to know".CBSSports.23 March 2016.
- ^"Houghton College dedicates $23M Kerr-Pegula Athletic Complex".4 October 2014.
- ^Buffalo News: "Sabres' owner-in-waiting comes across as Buffalo kind of guy" By Bucky GleasonMarch 24, 2011
- ^Golisano's Goodbye & Pegula's Prospects.WBEN. Retrieved 2011-02-03.
- ^Maiorana, Sal (September 9, 2014)."Bills: Wilson trust reaches agreement with Pegulas".Democrat and Chronicle.RetrievedSeptember 10,2014.
- ^King, Bill (December 8, 2014).Pegulas open up about vision for One Buffalo.Business First.Retrieved December 8, 2014.
- ^Pegula reaches USTA quarterfinals.The Buffalo News.Retrieved 2011-05-27.
- ^Prewitt, Alex.Jack Eichel leads Buffalo Sabres' resurgence.Sports Illustrated(December 31, 2018). Retrieved December 27, 2018.
- ^Graham, Tim (May 1, 2024)."Terry Pegula transferred small percentage of Bills to daughter Laura Pegula".The Athletic.Retrieved2024-05-02.
- ^Baker, Katie (October 14, 2015).The sun is rising in Buffalo.Grantland.Retrieved October 14, 2015.
- ^"Sabres Owner Made Fracking Pitch in 2011 Meeting".The Albany Times Union.February 8, 2013.RetrievedMarch 28,2018.
- ^"At No.4, Pegulas are among the wealthiest owners in NFL".The Buffalo News.October 4, 2014.RetrievedAugust 10,2018.
- ^How Corbett fracked Pa.'s middle class.Philadelphia Daily News.Retrieved 2013-11-06.
- ^Campbell, Jon (September 12, 2014).Pegula's riches come from fracking, not allowed in NYArchived2014-09-13 atarchive.today.Gannett.Retrieved September 13, 2014.
- ^UBER & THE HOME ARENAS OF THE BILLS, SABRES ANNOUNCE PARTNERSHIP IF ALBANY ALLOWS RIDESHARING UPSTATE.Press release.Retrieved December 14, 2016.
External links
[edit]- Pegula Sports and Entertainment– official web site
- Terrence M. Pegula– profile at the Buffalo Sabres' official website
- Terry Pegula– bio at the Buffalo Bills' official website
- Profile on Terry PegulabyThe Buffalo News
- Profile on Kim Pegulaby theRochesterDemocrat and Chronicle
- 1951 births
- Living people
- American billionaires
- American energy industry businesspeople
- Philanthropists from New York (state)
- American sports businesspeople
- Buffalo Bills executives
- Buffalo Sabres owners
- Businesspeople from Florida
- Businesspeople from New York (state)
- American businesspeople in real estate
- Florida Republicans
- National Hockey League owners
- National Lacrosse League owners
- People from Allegany, New York
- People from Boca Raton, Florida
- People from Carbondale, Pennsylvania
- Penn State College of Engineering alumni
- Buffalo Bills owners