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Terrence Pegula
Born March 27, 1951(1951-03-27)[1]
Carbondale, Pennsylvania, U.S.
Nationality American
Alma mater Pennsylvania State University (Bachelor of Science)
Occupation Petroleum engineer
Professional sports team owner
Real estate developer
Net worth US$4.9 billion (January 2020)[2]
Known for Owner of Buffalo Bills (NFL)
Owner of Buffalo Sabres (NHL)
Owner of Rochester Americans (AHL)
Owner of Buffalo Bandits (National Lacrosse League)
Owner of Rochester Knighthawks (National Lacrosse League)
Owner of Pegula Sports and Entertainment
Owner of JKLM Energy
Natural gas tycoon

Terrence Michael Pegula (born March 27, 1951) is an American billionaire businessman, with interests in natural gas development, real estate, entertainment and professional sports. He is the owner of Pegula Sports and Entertainment which owns the Buffalo Sabres of the National Hockey League (NHL) and, with his wife Kim Pegula, the Buffalo Bills of the National Football League (NFL).

Professional sports

Buffalo Sabres

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.[3] Pegula's purchase made an immediate positive impact, with players,[4] fans and alumni[5] 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."[6]

Rochester Americans

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.[7] 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.

Buffalo Beauts

On December 21, 2017, it was announced that Pegula had acquired the Buffalo Beauts of the National Women's Hockey League. 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.[8]


Real estate

In 2012, he won a bid for the development rights to the Webster Block on Buffalo's waterfront.[9] 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.

Other investments

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. In addition Pegula owns 716 Food and Sport, a two floor sports themed restaurant which serves as the main business tenant of LECOM Harborcenter.


Philanthropy

Penn State hockey

An alumnus of Pennsylvania State University (Penn State), Pegula donated $102 million for the construction of the on-campus Pegula Ice Arena in 2010.[10] 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.[11] 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.[12] Notre Dame subsequently left Hockey East in 2017 to join the Big Ten for hockey only.[13]

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.

Personal life

Pegula was born in Carbondale, Pennsylvania; his father worked in truck driving and coal mining.[14] 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.[15]

He currently lives in Boca Raton, Florida, along with his second wife, Kim Pegula (maiden name Kerr),[16] a graduate of Houghton College and whose hometown is Fairport, New York.[17] Kim was born in Seoul, South Korea, and at age 5 was adopted in 1973 by Ralph and Marilyn Kerr.[18] He has five children, two from a previous marriage (Michael and Laura) and three with Kim (Jessica, Kelly and Matthew).[19] Jessica Pegula is a tennis player on the Women's Tennis Association's Pro Circuit.[20] Pegula owns a large yacht, christened Top Five.[21]

References

  1. Happy Birthday Terry Pegula! Die By The Blade
  2. Forbes profile: Terrence Pegula. Retrieved on 8 January 2020.
  3. Sabres sold to Pegula . WGR. Retrieved 2011-02-03.
  4. Vaughters, Al (2011-04-10). Playoff run gives boost to WNY area. WIVB-TV. Retrieved 2011-04-10.
  5. Malowicki, Jessica (2011-02-24). Pegula era kicks off with surprise . WGRZ. Retrieved 2011-02-24.
  6. [1]. ESPN. Retrieved 2011-04-18.
  7. Wawrow, John (2011-05-17). AP Source: Sabres interested in AHL Rochester[dead link]. Associated Press. Retrieved 2011-05-17.
  8. Staff, NWHL.zone. "TERRY AND KIM PEGULA ACQUIRE BUFFALO BEAUTS", National Women's Hockey League, 2017-12-21. (en-us) 
  9. (September 6, 2012). Buffalo, aka ‘Pegulaville,’ prepares for new downtown development thanks to Sabres owner. Associated Press. Retrieved September 10, 2012.
  10. Penn State Makes it Official: Varsity Programs on the Way :: USCHO.com :: U.S. College Hockey Online (17 September 2010).
  11. Big Ten Official Athletic Site.
  12. 2010–13 NCAA conference realignment#Men's ice hockey
  13. Notre Dame joins Big Ten conference for hockey: 3 things to know.
  14. Kim Pegula reveals her greatest wish for Buffalo (November 6, 2019).
  15. Pollock, Chuck (July 3, 2015). Pegula has kept fans excited. Olean Times Herald. Retrieved July 4, 2015.
  16. Buffalo News: "Sabres' owner-in-waiting comes across as Buffalo kind of guy" By Bucky Gleason March 24, 2011
  17. Golisano's Goodbye & Pegula's Prospects. WBEN. Retrieved 2011-02-03.
  18. Maiorana, Sal. "Bills: Wilson trust reaches agreement with Pegulas", September 9, 2014. Retrieved on September 10, 2014. 
  19. King, Bill (December 8, 2014). Pegulas open up about vision for One Buffalo. Business First. Retrieved December 8, 2014.
  20. Pegula reaches USTA quarterfinals. The Buffalo News. Retrieved 2011-05-27.
  21. Prewitt, Alex. Jack Eichel leads Buffalo Sabres' resurgence. Sports Illustrated (December 31, 2018). Retrieved December 27, 2018.

External links

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