Terrence Pegula

From Wikipedia, the free encyclopedia - View original article

Terrence M. "Terry" Pegula
TerrencePegula.jpg
Pegula addressing media at Buffalo Sabres press conference.
Born(1951-03-27) March 27, 1951 (age 63)[1]
Carbondale, Pennsylvania
NationalityAmerican
Other namesTerry Pegula
Alma materPennsylvania State University (BS)
OccupationBusinessman
Professional Sports Team Owner
Real Estate Developer
Known forOwner, Buffalo Bills (NFL) pending league approval
Owner, Buffalo Sabres (NHL)
Owner, Rochester Americans (AHL)
Owner, Buffalo Bandits (NLL)
Natural gas tycoon
Net worthIncrease US $4.6 billion
(September 2014)[2][3]
Spouse(s)Kim Kerr (m. 1993)
Children5 (including Jessica Pegula)
 
Jump to: navigation, search
Terrence M. "Terry" Pegula
TerrencePegula.jpg
Pegula addressing media at Buffalo Sabres press conference.
Born(1951-03-27) March 27, 1951 (age 63)[1]
Carbondale, Pennsylvania
NationalityAmerican
Other namesTerry Pegula
Alma materPennsylvania State University (BS)
OccupationBusinessman
Professional Sports Team Owner
Real Estate Developer
Known forOwner, Buffalo Bills (NFL) pending league approval
Owner, Buffalo Sabres (NHL)
Owner, Rochester Americans (AHL)
Owner, Buffalo Bandits (NLL)
Natural gas tycoon
Net worthIncrease US $4.6 billion
(September 2014)[2][3]
Spouse(s)Kim Kerr (m. 1993)
Children5 (including Jessica Pegula)

Terrence M. "Terry" Pegula (born March 27, 1951) is an American multi-billionaire. Pegula holds business interests in natural gas development, real estate, entertainment and professional sports, including full ownership of the Buffalo Sabres of the National Hockey League (NHL) and, pending league approval, the Buffalo Bills of the National Football League (NFL).

Investments[edit]

Natural gas[edit]

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. It profited heavily upon discovery of deep layers of natural gas in the Marcellus Formation and development of the hydraulic fracturing recovery process. Pegula eventually sold the Pennsylvania, New York, and Rocky Mountain assets of the company to Royal Dutch Shell for approximately $4.7 billion. He sold the Ohio and West Virginia assets of the company to American Energy for $1.75 billion in 2014.[4] Pegula also owns Greater Rocky Mountain Regional Oil & Gas in Colorado and Wyoming, and JKLM Energy in Pennsylvania.[5]

Professional sports[edit]

Ice hockey[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.[6] Pegula's purchase made an immediate positive impact, with players,[7] fans and alumni[8] 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."[9]

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.[10]

American football[edit]

On September 9, 2014 it was announced that Pegula had placed the winning binding bid to purchase the National Football League's Buffalo Bills, a team that was placed up for sale after the death of the original owner and team founder Ralph Wilson.[11][12] 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 faced real estate mogul Donald Trump and musician Jon Bon Jovi backed by the Toronto based Maple Leaf Sports and Entertainment for the team. It was reported that the Pegulas made a $1.4 billion bid on the team and that it was an all cash purchase.[13][14] On September 17, 2014, the Pegulas were unanimously approved by the NFL's finance committee and are scheduled to be presented at the NFL owner's meeting on October 8, 2014 for final owner approval. The Pegulas will need a three-quarters majority to be voted in as the Bills' new owners, considered a formality since Pugula divested the player agency he acquired in 2011 by selling it back to its previous owner.[15]

Real estate[edit]

In 2012 he won a bid for the development rights to the Webster Block on Buffalo's waterfront.[16] The $170 million hockey-themed HARBORcenter building, will be anchored by the two rinks, a large parking garage, retail, restaurants, and a hotel. The building is expected to be fully open in 2015.

Pegula is also the operator of First Niagara Center.

Other investments[edit]

Pegula also owns a share of Black River Entertainment, an independent country music label. The label features such acts as 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 based in Boca Raton, FL and HarborCenter in Buffalo.

Pegula's combined company containing his sports and entertainment assets is called Pegula Sports and Entertainment. The company's offices are based in One Seneca Tower in Buffalo, New York.

Philanthropy[edit]

Penn State hockey[edit]

An alumnus of Penn State University, Pegula donated $102 million for the construction of the on-campus Pegula Ice Arena arena in 2010.[17] 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.[18] 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.[19]

Houghton College[edit]

The Pegulas donated $12 million to Houghton College in Houghton, New York who Kim Pegula is an alumnus of to build the Kerr-Pegula Athletic Complex. The facility includes a 115-thousand square-foot field house, a new baseball and softball stadium, an eight-lane 200-meter track, five tennis courts, weight room, cardiac fitness center, and locker rooms. The new facility was to help with the college teams who recently moved up to Division III Athletics and the Empire 8 Conference. It opened on October 3rd, 2014.[20]

Personal[edit]

Pegula was born in Carbondale, Pennsylvania where 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.

He currently lives in Boca Raton, Florida along with his wife, Kim Pegula (née Kerr),[21] a graduate of Houghton College and whose hometown is Fairport, New York.[22] Kim was born in Seoul, South Korea, and at age 5 was adopted in 1973 by Ralph and Marilyn Kerr.[23] He has five children: Michael, Laura, Jessica (Jessie), Kelly and Matthew. Jessica Pegula is a tennis player on the Women's Tennis Association's Pro Circuit.[24]

According to a September, 2014 report by the Bleacher Report Pegula is the 8th richest owner in American professional sports at 4.6 billion dollars.[25] Forbes rates him as the 110th richest American.

Political views[edit]

The Pegulas largely support and donate to Republicans but have also donated to Democrats. 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 for the Pennsylvania Attorney General.[26] In New York, Pegula has donated 25,000 to New York Governor Andrew Cuomo's campaign during the 2014 elections and has also donated $12,000 to Buffalo mayor Byron Brown, 2,500 to senator Charles Schumer and $250 to state senator Tim Kennedy, all Democrats.[27][5]

References[edit]

  1. ^ Happy Birthday Terry Pegula! - Die By The Blade
  2. ^ http://bleacherreport.com/articles/2214926-steve-ballmer-named-richest-owner-in-american-team-sports-by-forbes?utm_source=cnn.com&utm_medium=referral&utm_campaign=editorial&hpt=hp_t2
  3. ^ Forbes: The World's Billionaires - Terrence Pegula March 2014
  4. ^ Wawrow, John (August 5, 2014). Bills bidder Pegula closes $1.75 billion deal. Associated Press. Retrieved August 5, 2014.
  5. ^ a b "At Number 4 Pegulas are among the wealthiest in NFL". Tom Precious. October 5, 2014. Retrieved October 5, 2014. 
  6. ^ Sabres sold to Pegula. WGR. Retrieved 2011-02-03.
  7. ^ Vaughters, Al (2011-04-10). Playoff run gives boost to WNY area. WIVB-TV. Retrieved 2011-04-10.
  8. ^ Malowicki, Jessica (2011-02-24). Pegula era kicks off with surprise. WGRZ. Retrieved 2011-02-24.
  9. ^ [1]. ESPN. Retrieved 2011-04-18.
  10. ^ Wawrow, John (2011-05-17). AP Source: Sabres interested in AHL Rochester. Associated Press. Retrieved 2011-05-17.
  11. ^ Graham, Tim (9 September 2014). "Bills confirm agreement reached with Pegulas to buy franchise". The Buffalo News. Retrieved 9 September 2014. 
  12. ^ "Wilson trust reaches definitive agreement with Pegula family". Buffalo Bills. 9 September 2014. Retrieved 9 September 2014. 
  13. ^ "Buffalo Sabres Owners Reach 'Definitive Agreement' to Buy Buffalo Bills". The Wall Street Journal. September 9, 2014. Retrieved September 10, 2014. 
  14. ^ http://www.wgrz.com/story/sports/nfl/future-of-the-bills/2014/09/16/terry-pegula-buffalo-bills-cash-sale/15714123/
  15. ^ "Pegulas' Bid to Buy Bills OK'd by NFL Committee". Associated Press. September 17, 2014. Retrieved September 18, 2014. 
  16. ^ (September 6, 2012). Buffalo, aka ‘Pegulaville,’ prepares for new downtown development thanks to Sabres owner. The Associated Press. Retrieved September 10, 2012.
  17. ^ Penn State Makes it Official: Varsity Programs on the Way :: USCHO.com :: U.S. College Hockey Online
  18. ^ Men's Ice Hockey To Be Recommended As Official Big Ten Sport Beginning With 2013-14 Academic Year - BIG TEN CONFERENCE Official Athletic Site
  19. ^ 2010–13 NCAA conference realignment#Men's ice hockey
  20. ^ http://wivb.com/2014/10/04/houghton-college-dedicates-23m-kerr-pegula-athletic-complex/
  21. ^ Buffalo News: "Sabres' owner-in-waiting comes across as Buffalo kind of guy" By Bucky Gleason March 24, 2011
  22. ^ Golisano's Goodbye & Pegula's Prospects. WBEN. Retrieved 2011-02-03.
  23. ^ Maiorana, Sal (September 9, 2014). "Bills: Wilson trust reaches agreement with Pegulas". Democrat and Chronicle. Retrieved September 10, 2014. 
  24. ^ Pegula reaches USTA quarterfinals. The Buffalo News. Retrieved 2011-05-27.
  25. ^ http://bleacherreport.com/articles/2214926-steve-ballmer-named-richest-owner-in-american-team-sports-by-forbes?utm_source=cnn.com&utm_medium=referral&utm_campaign=editorial&hpt=hp_t2
  26. ^ How Corbett fracked Pa.'s middle class. Philadelphia Daily News. Retrieved 2013-11-06.
  27. ^ Campbell, Jon (September 12, 2014). Pegula's riches come from fracking, not allowed in NY. Gannett. Retrieved September 13, 2014.

External links[edit]