Who is Terry Pegula? All you need to know about Sabres owner with $6,700,000,000 net worth

Terry Pegula's journey to a prominent figure in both the energy industry and professional sports is a story of dedication and ambition. As co-owner of multiple sports franchises, Buffalo Bills (football) and Buffalo Sabres (hockey), and a visionary entrepreneur, he is connected with both sports and communities.

Born on March 27, 1951, in Carbondale, PA, Pegula graduated from Scranton Preparatory School in 1969. He then studied Petroleum and Natural Gas Engineering at Penn State University. He joined Felmont Oil Co. in 1975, marking his entrepreneurial beginnings.

In 1983, Pegula founded East Resources Inc., an independent oil and gas exploration company, which thrived for 27 years. Which finally culminated in Royal Dutch Shell's acquisition in 2010.

Transitioning from energy to sports, Terry Pegula's love for athletics shone through. A $102 million gift in 2010 enabled Penn State's Pegula Ice Arena, kicking off his sports contributions.

Acquiring the NHL's Buffalo Sabres with wife Kim in 2011 marked their sports ownership. They expanded their portfolio with teams like the NLL Buffalo Bandits Rochester Knighthawks, and the AHL Rochester Americans.

Their influence extended beyond teams, evident in the LECOM Harborcenter. This $200 million complex brought business opportunities and hosted major events, enriching Buffalo.

Terry Pegula's commitment to community shone in the pandemic, donating $1.2 million for relief in Western New York. The Pegulas' impact isn't confined to sports; they have five children, including Jessica Pegula, a talented tennis player. His recent net worth according to Forbes is estimated at $6.7 billion.

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Why did Terry Pegula dissolve Pegula Sports and Entertainment?

Terry Pegula recently took the decision to dissolve Pegula Sports and Entertainment (PSE), the parent company overseeing the NFL's Buffalo Bills and the NHL's Sabres. It marks a strategic move to enhance each team's focused efforts. This management restructuring began with Pegula's dismissal of COO Ron Raccuia in July, who previously oversaw both franchises.

The dissolution allows the Bills and Sabres to function as separate entities, permitting concentrated attention on their respective objectives. Pegula has taken on the role of Sabres president, aligning this position with his ownership of both teams. Kim Pegula, the former Sabres president, faced health challenges, leaving her unable to fulfil her duties effectively.

While Sabres COO John Roth maintains his dual role overseeing business operations, Sabres GM Kevyn Adams will lead the hockey side of the organization. Previously, the teams shared business and marketing departments under the PSE umbrella.

This restructuring comes as the Bills advance in building a new $1.7 billion stadium projected to open in 2026. Meanwhile, the Sabres are planning substantial upgrades to their KeyBank Center arena, a project expected to span multiple years due to offseason limitations.