Terry Pegula

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Lore & Background

Pegula's entry into NFL ownership began on September 9, 2014, when he placed the winning binding bid to purchase the Buffalo Bills following the death of founder Ralph Wilson. The Pegulas made a $1.4 billion cash offer, outcompeting future President Donald Trump and musician Jon Bon Jovi, who was backed by Toronto-based Maple Leaf Sports and Entertainment principals. After unanimous approval from the NFL's finance committee on September 17, 2014, and final owner approval on October 8, 2014, the deal closed on October 10. Pegula's first major move was ending the Bills Toronto Series in an agreement reached December 3, 2014. On March 28, 2022, a landmark deal was announced for a new 62,000-seat stadium in Orchard Park costing $1.4 billion. New York State committed $600 million, Erie County $250 million, the Pegulas $350 million, and the NFL provided a G-4 loan of $200 million. The agreement made New York State the owner responsible for maintenance costs, marking the largest taxpayer contribution ever for an NFL facility. Critics called it corporate welfare, especially as the deal was released just four days before the state budget deadline.

In Their Own Story

The journey to ownership started long before the 2014 sale announcement. Pegula built his fortune via investments in fracking after founding East Resources in 1983 with $7,500 from family and friends. The company profited heavily from deep natural gas layers in the Marcellus Formation using hydraulic fracturing. He eventually sold Pennsylvania, New York, and Rocky Mountain assets to Royal Dutch Shell for approximately $4.7 billion, followed by the sale of Ohio and West Virginia assets to American Energy Partners, LP for $1.75 billion in 2014. When he turned his attention to the Bills, the stakes were high for Western New York. The team had been up for sale after Ralph Wilson's death, and local politicians favored Pegula due to his deep roots; his father worked in truck driving and coal mining, and his mother was from Montreal. On December 11, 2024, the landscape shifted again when the NFL approved the sale of 20.6% of the franchise to a consortium including Arctos Partners (10%) and various executives and athletes like Jozy Altidore, Vince Carter, and Tracy McGrady.

Reader's Guide

Terrence Michael Pegula was born in Carbondale, Pennsylvania, attended Scranton Preparatory School, and earned a bachelor's degree in petroleum and natural gas engineering from Penn State University. Beginning in 1985, he based his operations in Allegany, New York. His sports empire expanded beyond the Bills to include the Buffalo Sabres (purchased February 2011 for $189 million), the Buffalo Bandits (NLL), and the Rochester Americans (AHL). Pegula also invested heavily in local infrastructure, winning a bid for the Webster Block development rights in 2012. This led to the $170 million LECOM Harborcenter, which opened in stages between November 2014 and August 2015. He purchased 79 Perry Street in 2017, redeveloping it into a mixed-use facility housing his company headquarters and a test brewery called "Labatt Brew House." His portfolio extended to Black River Entertainment, Impact Sports Performance facilities, and the Buffalo Beauts (acquired December 21, 2017, divested in 2019). In July 2022, he established Bison Wealth.

Did You Know?

• Pegula competed against Donald Trump and Jon Bon Jovi to purchase the Buffalo Bills in 2014.
• The new $1.4 billion stadium agreement was released just four days before New York state's budget deadline, limiting legislative scrutiny.
• In December 2024, the NFL approved private equity firms owning a stake in an NFL franchise for the first time, with Arctos Partners holding 10% of the Bills.
• Pegula founded East Resources in 1983 with only $7,500 from family and friends before selling assets to Royal Dutch Shell for $4.7 billion.
• The Pegulas introduced the "One Buffalo" marketing campaign upon purchasing the Bills, which evolved into a brand used across all their sports teams.