How rich is Terrence Pegula?
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Terrence M. “Terry” Pegula (created March 27, 1951) is an American multi-billionaire. Pegula holds company interests in natural gas development, real estate and professional sports, including complete possession of the Buffalo Sabres of the National Hockey League.
Pegula founded East Resources, a natural gas drilling business that profited greatly upon the discovery of deep layers of natural gas in the Marcellus Formation as well as the development of the hydraulic fracturing procedure to regain said gas. Pegula finally sold the Pennsylvania, New York, and Rocky Mountain assets of the firm to Royal Dutch Shell for about $4.7 billion. Pegula sold the Ohio and West Virginia assets of the business to American Energy for $1.75 billion in 2014. Pegula’s purchase made an immediate positive impact, with players, supporters and alumni invigorated by his investment in the team as well as the First Niagara Center. Pegula was quoted as saying, “Beginning today, the Buffalo Sabres reason for existence, will be to win a Stanley Cup.” On September 9, 2014 it was declared that Pegula has the winning binding bid to buy the National Football League’s Buffalo Bills, a team that has been put up on the market following the departure of preceding owner Ralph Wilson. Pegula was a favorite among most local Bills supporters and local politicians because of his dedication to the Western New York region to get the team. Terry and Kim Pegula are now pending approval in the league for possession, after winning the bid to purchase the Bills.