![]() Included in the Sabres purchase was their National Lacrosse League (NLL) counterpart, the Buffalo Bandits, which have won five NLL championships. 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. ![]() Pegula and his wife have been heavily criticized for meddling in the Sabres' hockey operations. However, in the decade that followed, the Buffalo Sabres posted a 281-354-94 record and held the longest active NHL post-season drought. Pegula was quoted as saying, "Starting today, the Buffalo Sabres' reason for existence, will be to win a Stanley Cup." Pegula's purchase made an immediate positive impact, with players, fans and alumni invigorated by his investment in the team, the then First Niagara Center and the building of Harborcenter across the street. 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. Pegula also owns Greater Rocky Mountain Regional Oil & Gas in Colorado and Wyoming, and JKLM Energy in Pennsylvania. He sold the Ohio and West Virginia assets of the company to American Energy Partners, LP for $1.75 billion in 2014. Pegula eventually sold the Pennsylvania, New York, and Rocky Mountain assets of the company to Royal Dutch Shell for approximately $4.7 billion. It profited heavily upon discovery of deep layers of natural gas in the Marcellus Formation and development of the hydraulic fracturing ("fracking") recovery process. Oil and gas development Īfter 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. Beginning in 1985, he was based in Allegany, New York. From there he attended college at Penn State University where he earned a Bachelor of Science degree in petroleum and natural gas engineering. He attended high school at Scranton Preparatory School. His mother hails from Montreal, Quebec, Canada. ![]() ![]() His father worked in truck driving and coal mining. Pegula was born in Carbondale, Pennsylvania. Amassing his fortune via investments in fracking, Pegula has interests in natural gas development, real estate, entertainment, and professional sports. He is also the president of both franchises. He is the owner of the Buffalo Sabres of the National Hockey League (NHL) and, with his wife Kim Pegula, the Buffalo Bills of the National Football League (NFL). Terrence Michael Pegula (born March 27, 1951) is an American billionaire businessman and petroleum engineer. ![]()
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