Terrence Pegula

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Terrence M. Pegula
TerrencePegula.jpg
Born(1951-03-27) March 27, 1951 (age 63)[1]
Carbondale, Pennsylvania
Nationality United States
Other namesTerry Pegula
Alma materPennsylvania State University
Known forOwner, Buffalo Sabres (NHL)
Owner, Rochester Americans (AHL)
Natural gas tycoon
 
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Terrence M. Pegula
TerrencePegula.jpg
Born(1951-03-27) March 27, 1951 (age 63)[1]
Carbondale, Pennsylvania
Nationality United States
Other namesTerry Pegula
Alma materPennsylvania State University
Known forOwner, Buffalo Sabres (NHL)
Owner, Rochester Americans (AHL)
Natural gas tycoon

Terrence M. "Terry" Pegula (born March 27, 1951) is an American multibillionaire. 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.

Investments[edit]

Natural gas[edit]

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. East Resources, Inc. continues to hold oil & gas assets in West Virginia.

Buffalo Sabres and related properties[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.[2] Pegula's purchase made an immediate positive impact, with players,[3] fans and alumni[4] 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."[5] In May 2011, Pegula began negotiations on behalf of the Sabres to repurchase 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.[6]

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.[7] The $170 million hockey-themed HARBORcenter building, will be anchored by the two rinks, a large parking garage, retail, restaurant, and a hotel.

Other investments[edit]

Pegula also owns a share of Black River Entertainment, an independent country music label.

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.[8] 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.[9] 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.[10]

Personal[edit]

Pegula lives in Boca Raton, Florida along with his wife, Kim Pegula (nee Kerr),[11] a graduate of Houghton College.[12] They have five children: Michael, Laura, Jessica (Jessie), Kelly and Matthew. Jessica Pegula is a tennis player on the Women's Tennis Association's Pro Circuit.[13]

Political Views[edit]

In 2010, Pegula and his wife donated $305,000 to the Tom Corbett campaign during the Pennsylvania governor's race. They were the largest contributors for the Pennsylvania Attorney General.[14]

References[edit]

  1. ^ Happy Birthday Terry Pegula! - Die By The Blade
  2. ^ Sabres sold to Pegula. WGR. Retrieved 2011-02-03.
  3. ^ Vaughters, Al (2011-04-10). Playoff run gives boost to WNY area. WIVB-TV. Retrieved 2011-04-10.
  4. ^ Malowicki, Jessica (2011-02-24). Pegula era kicks off with surprise. WGRZ. Retrieved 2011-02-24.
  5. ^ [1]. ESPN. Retrieved 2011-04-18.
  6. ^ Wawrow, John (2011-05-17). AP Source: Sabres interested in AHL Rochester. Associated Press. Retrieved 2011-05-17.
  7. ^ (September 6, 2012). Buffalo, aka ‘Pegulaville,’ prepares for new downtown development thanks to Sabres owner. The Associated Press. Retrieved September 10, 2012.
  8. ^ Penn State Makes it Official: Varsity Programs on the Way :: USCHO.com :: U.S. College Hockey Online
  9. ^ Men's Ice Hockey To Be Recommended As Official Big Ten Sport Beginning With 2013-14 Academic Year - BIG TEN CONFERENCE Official Athletic Site
  10. ^ 2010–13 NCAA conference realignment#Men's ice hockey
  11. ^ Buffalo News: "Sabres' owner-in-waiting comes across as Buffalo kind of guy" By Bucky Gleason March 24, 2011
  12. ^ Golisano's Goodbye & Pegula's Prospects. WBEN. Retrieved 2011-02-03.
  13. ^ Pegula reaches USTA quarterfinals. The Buffalo News. Retrieved 2011-05-27.
  14. ^ How Corbett fracked Pa.'s middle class. Philadelphia Daily News. Retrieved 2013-11-06.

External links[edit]