Terrence Pegula | |
---|---|
Born | [1] Carbondale, Pennsylvania, U.S. | March 27, 1951
Alma mater | Pennsylvania State University (BS) |
Occupation(s) | Petroleum engineer Professional sports team owner Real estate developer |
Known for | Owner/president of Buffalo Bills (NFL) Owner/president of Buffalo Sabres (NHL) Owner of Rochester Americans (AHL) Owner of Buffalo Bandits (NLL) Owner of Rochester Knighthawks (NLL) Owner of Pegula Sports and Entertainment Owner of JKLM Energy Natural gas tycoon |
Spouses | |
Children | 5 (including Jessica) |
Terrence Michael Pegula (born March 27, 1951) is an American billionaire businessman and petroleum engineer. He is the owner of the Buffalo Sabres of the National Hockey League (NHL) and, with a consortium of private equity firms and athletes, the Buffalo Bills of the National Football League (NFL). He is also the president of both franchises. Amassing his fortune via investments in fracking, [2] Pegula has interests in natural gas development, real estate, entertainment, and professional sports. His net worth is over $7 billion. [2]
Pegula was born in Carbondale, Pennsylvania. His father worked in truck driving and coal mining. [3] His mother hails from Montreal, Quebec, Canada. 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. Beginning in 1985, he was based in Allegany, New York. [4]
After working for a time for Getty Oil and Felmont Oil Co., Pegula founded East Resources a 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 the Marcellus Formation and application of the hydraulic fracturing ("fracking") recovery process. [5] Pegula eventually sold the Pennsylvania, New York, and Rocky Mountain assets of the company to Royal Dutch Shell for approximately $4.7 billion. [6] He sold the Ohio and West Virginia assets of the company to American Energy Partners, LP for $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]
In February 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. [9] Pegula's purchase made an immediate positive impact, with players, [10] fans and alumni [11] invigorated by his investment in the team, the then First Niagara Center and the building of Harborcenter across the street. Pegula was quoted as saying, "Starting today, the Buffalo Sabres' reason for existence, will be to win a Stanley Cup." [12]
However, in the decade that followed, the Buffalo Sabres posted a 281-354-94 record and held the longest 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 of Ryan O'Reilly and Jack Eichel. [14]
Included in the Sabres purchase was their National Lacrosse League (NLL) counterpart, the Buffalo Bandits, which have won six NLL championships. The Bandits won the NLL championship in 2023, giving Pegula his first championship under his ownership of the team. [15] The Bandits would repeat as NLL champions in 2024.
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. [16] As part of the deal the Americans had to be split off from its NLL counterpart the Rochester Knighthawks since 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, the Blue Cross Arena.
On September 9, 2014, it was announced that Pegula had placed the winning binding bid to purchase the National Football League (NFL)'s Buffalo 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. President Donald Trump and musician Jon Bon Jovi, the latter of whom was backed by principals of the Toronto-based Maple 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 the Bills 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 introduced One 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 a 62,000 seat, $1.4 billion new stadium for the Bills in Orchard Park across 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 as corporate welfare. [2]
On December 11, 2024, the NFL approved the sale of 20.6% of the Buffalo Bills franchise to a consortium of private equity firms, the first time private equity firms had been approved to own a stake in an NFL franchise. 10% of the franchise will be held by Arctos, while the remaining 10.6% will be divided among executives at Acrew Capital, Bank of America, Gridiron Capital, Meritech Capital, and Accel-KKR, along with Toronto-based professional athletes Jozy Altidore, Vince Carter and Tracy McGrady. [27]
On December 21, 2017, it was announced that Pegula had acquired the Buffalo Beauts of the league then known as the National Women's Hockey League and now as the Premier 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. [28] Pegula divested the Beauts in 2019.
In 2018, Pegula reached an agreement to purchase the intellectual property of the Rochester Knighthawks of the National Lacrosse League in autumn 2019. Curt Styres orchestrated the sale as he planned on moving his staff and roster to a new Halifax NLL team set to debut in the winter of 2020. [29]
In 2012, he won a bid for the development rights to the Webster Block on Buffalo's waterfront. [30] The $170 million hockey-themed LECOM Harborcenter building, 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 of KeyBank Center and Blue Cross Arena. In 2017, Pegula purchased 79 Perry Street, near KeyBank Center and teamed up with Labatt USA to 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.
Pegula also owns a share of Black River Entertainment, an independent country music label. The label features such acts as Kelsea Ballerini, 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 Boca Raton, Florida and LECOM Harborcenter in Buffalo. Pegula owned 716 Food and Sport, a two floor sports themed restaurant which serves as the main business tenant of LECOM Harborcenter until he sold it to Southern Tier Brewing Company in 2021.
Through a partnership with Southern Tier Brewing Company, Pegula launched a "One Buffalo" branded craft beer that sells at all Pegula-owned properties and elsewhere in the region. [31] The One Buffalo brand has also been extended to a flavor of Perry'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. [32]
In July 2022, Pegula established Bison Wealth, a back-office consulting service based in Atlanta, Georgia. [33]
According to Bloomberg, Pegula had a net worth over $7 billion as of July 2021. [34]
An alumnus of Pennsylvania State University (Penn State), Pegula donated $102 million for the construction of the on-campus Pegula Ice Arena in 2010. [35] As a result, the Penn 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 into NCAA Division I starting in the 2012–13 season.
This led to a domino effect across the men's college hockey landscape. Because six Big Ten universities 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. [36] 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 to 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. [37] Notre Dame subsequently left Hockey East in 2017 to join the Big Ten for hockey only. [38]
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 in College Hockey America, a league that sponsors only women's hockey.
The Pegulas donated $12 million to Houghton College in Houghton, 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. [39]
He currently lives in Boca Raton, Florida, along with his second wife, Kim Pegula (formerly Kerr), [40] who grew up in Fairport, New York, and is a graduate of Houghton College. [41] Kim was born in Seoul, South Korea, and at age 5, she was adopted in 1974 by Ralph and Marilyn Kerr. [42] He has five children, two from a previous marriage to Anne Shirley (Michael and Laura), and three with Kim (Jessica, Kelly, and Matthew). [43] Jessica Pegula is a top 10 tennis player on the Women's Tennis Association's Pro Circuit. [44] Pegula owns a large yacht, christened Top Five. [45]
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. [46]
Though Pegula has been identified as a Republican, he does not speak publicly about his specific political views. [47] Pegula and his wife have made political donations to politicians of both parties, generally to incumbents. [48] 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 to the then Pennsylvania Attorney General. [49] [50] In New York, Pegula and his wife donated $25,000 to New York Governor Andrew Cuomo's campaign during the 2014 elections and also donated $12,000 to Buffalo mayor Byron Brown, $2,500 to U.S. senator Chuck Schumer, and $250 to state senator Tim Kennedy, all Democrats. [8] [51] Pegula expressed support for legalizing ridesharing companies in upstate New York, where it had at the time remained illegal (as of 2017, New York State had only legalized it in New York City) and announced intent to partner with Uber to provide transportation to Pegula's sporting events. [52]
The Buffalo Sabres are a professional ice hockey team based in Buffalo, New York. The Sabres compete in the National Hockey League (NHL) as a member of the Atlantic Division in the Eastern Conference. The team was established in 1970, along with the Vancouver Canucks, when the league expanded to 14 teams. The Sabres have played their home games at KeyBank Center since 1996, having previously played at the Buffalo Memorial Auditorium since their inception. The Sabres are owned by Terry Pegula, who purchased the club in 2011 from Tom Golisano.
Ralph Cookerly Wilson Jr. was an American businessman and sports executive. He was best known as the founder and owner of the Buffalo Bills, a team in the National Football League (NFL). He was one of the founding owners of the American Football League (AFL), the league with which the NFL merged in 1970, and was the last of the original AFL owners to own his team. At the time of his death he was the oldest owner in the NFL, at age 95. His 54 years of ownership was the third longest tenure by one owner in league history behind George Halas and Art Rooney. Wilson was inducted into the Pro Football Hall of Fame in 2009.
KeyBank Center is a multipurpose indoor arena located in Buffalo, New York, United States. Originally known as Marine Midland Arena, the venue has since been named HSBC Arena and First Niagara Center. Home to the Buffalo Sabres of the National Hockey League since 1996, is the largest indoor arena in Western New York, seating 19,070. It replaced the Sabres' former home, Buffalo Memorial Auditorium, where the team played from 1970 to 1996. The venue is also home to the Buffalo Bandits of the National Lacrosse League.
Highmark Stadium is a stadium in Orchard Park, New York, United States, in the Southtowns of the Buffalo metropolitan area. It is the home venue of the Buffalo Bills of the National Football League (NFL). The stadium opened in 1973 as Rich Stadium. It was known as Ralph Wilson Stadium from 1998 to 2015, New Era Field from 2016 to 2019, and Bills Stadium in 2020.
Blue Cross Arena, also known as the War Memorial, is a multi-purpose indoor arena located in Rochester, New York. For hockey and lacrosse, its seating capacity is 10,662. The arena opened on October 18, 1955, as the Rochester Community War Memorial. It was renovated in the mid-1990s and reopened as The Blue Cross Arena at the War Memorial, on September 18, 1998. It is home to the Rochester Americans of the American Hockey League and the Rochester Knighthawks of the National Lacrosse League.
Empire Sports Network was an American regional sports network that was owned by the Adelphia Communications Corporation. The network was available on cable providers in much of upstate New York, as well as parts of northern Pennsylvania and eastern Ohio. The network ceased operations on March 7, 2005, in the midst of Adelphia's financial collapse and bankruptcy.
The National Football League (NFL) has been playing games in Toronto, Ontario, Canada, since 1959 when an interleague game between the Chicago Cardinals of the NFL and the Toronto Argonauts of the Canadian Football League (CFL) took place at Exhibition Stadium. Subsequently, a number of neutral site preseason and regular season games between NFL teams have been staged in the city. Toronto is one of five cities outside the United States, along with London, Mexico City, Frankfurt and Munich, which have hosted regular season NFL games.
Larry Quinn is an American ice hockey executive, businessman and politician, best known for his involvement with the Buffalo Sabres of the NHL. Quinn has had two stints in the Sabres organization, the first in the 1990s as team president, and the second in the mid-to-late 2000s as managing partner, minority owner, and de facto president. Quinn, in 2014, won election to Buffalo Public Schools' board of education.
The 2010–11 Buffalo Sabres season was the 41st season for the National Hockey League (NHL) franchise that was established on May 22, 1970. Due to the 2004–05 NHL lockout, this was the 40th season of play for the franchise and was celebrated as such by the team.
The Pegula Ice Arena is a 6,014-seat multi-purpose arena in University Park, Pennsylvania on the campus of Penn State University. The facility is located on the corner of Curtin Road and University Drive near the Bryce Jordan Center. The arena is named after Kim and Terry Pegula for their donations to fund the arena and it replaced the 1,350-seat Penn State Ice Pavilion.
East Resources, Inc., was an oil and gas exploration and production company with a focus on unconventional shale oil and gas resources in the United States.
Russell Jerome Brandon is an American sports executive, and current CEO and President of the United Football League (UFL). Brandon is best known for his 21-year tenure in the front office of the Buffalo Bills of the National Football League.
LECOM Harborcenter is an American mixed-use development in Buffalo, New York, developed by Pegula Sports and Entertainment. The building occupies a full 1.7 acre city block formerly known as the Webster Block, directly across from and connected to the KeyBank Center and Canalside. The building is also near the southern terminus of the Canalside station.
Highmark Stadium is an American football stadium that is under construction in Orchard Park, New York. It will replace the Bills' existing stadium of the same name and is expected to open in time for the 2026 NFL season.
The Buffalo Beauts were a professional ice hockey team in the Premier Hockey Federation (PHF). They played in Amherst, New York, a suburb of Buffalo, at the Northtown Center.
Joe Battista is a former American ice hockey coach and sports executive. He is the author of “The Power of Pragmatic Passion - 7 Common Sense Principles for Achieving Personal and Professional Success.” From 2013 to 2015 he served as the Vice President of Hockey and Business Administration for the Buffalo Sabres of the National Hockey League (NHL) after 26 years at Penn State University. Since 2016 he has been the owner of Pragmatic Passion LLC consulting focusing on Keynote and Motivational Speaking, Success Coaching, and Business Development.
Kim S. Pegula is a South Korean-born American former businesswoman and the wife of American multibillionaire Terry Pegula. She was the president of Pegula Sports and Entertainment, the holding company that managed the Buffalo Bills of the National Football League and the Buffalo Sabres of the National Hockey League, in addition to several other minor league sports teams and entertainment assets. By extension she was the president of several teams under Pegula Sports and Entertainment, including the Bills and Sabres; Pegula, Shahid Khan, Zygi Wilf were the only three NFL team owners who were not born in the United States. Pegula Sports and Entertainment was dissolved in 2023, following an incapacitating stroke she suffered the year prior.
MSG Western New York is an American regional sports network that is a joint venture between MSG Entertainment and Hockey Western New York LLC. The channel is a sub-feed of MSG Network, with programming oriented towards the Western New York region, including coverage of the National Hockey League's Buffalo Sabres and the National Football League's Buffalo Bills. It replaced MSG Network on television providers in the Sabres' media market in 2016.
Pegula Sports & Entertainment (PSE) was an American sports and entertainment company based in Buffalo, New York. The company was established after billionaire Terry Pegula combined his sports, property and entertainment assets into one company. The company's assets include the Buffalo Bills of the National Football League, the Buffalo Sabres of the National Hockey League, the Buffalo Bandits and the Rochester Knighthawks of the National Lacrosse League, and the Rochester Americans of the American Hockey League. The company was operated by Kim Pegula, Terry's wife, as president and CEO.
The Halifax Thunderbirds are a Canadian professional box lacrosse team based in Halifax, Nova Scotia, that competes in the National Lacrosse League (NLL). The Thunderbirds play their home games at Scotiabank Centre, which they share with the Halifax Mooseheads of the Quebec Maritimes Junior Hockey League.