Penn State Grads, Donors Terry and Kim Pegula Buy Buffalo Bills
The Buffalo Bills’ ownership vacancy is finally filled, and two Penn Staters are set to take control of the NFL football team.
Penn State alumni and prolific donors Terry and Kim Pegula have reached an agreement to purchase the Buffalo Bills, according to multiple reports published today. The sale is reportedly close to $1.1 billion, which gives the Pegulas total control of the team. The couple’s offer beat out groups led by Donald Trump and Jon Bon Jovi — both of which were rumored to want to move the team to another city — to close the sale.
Terry Pegula made his money from his natural gas drilling company East Resources, which he sold to Royal Dutch Shell for $4.7 billion in 2010. The Pegulas’ $102 million donation in 2011 allowed Penn State to transition its men’s and women’s hockey teams to NCAA D-1, and the state-of-the-art hockey arena on campus is named after the couple.
The Pegulas have been active in the Buffalo community, especially in the city’s athletic pursuits. They purchased the NHL’s Buffalo Sabres in 2011 and also own the Buffalo Bandits, a pro-lacrosse team.
“I believe that [Pegula] is enthusiastic about both owning and keeping the Bills in Buffalo for generations,” New York Senator Chuck Schumer said to USA Today.
Best of luck to Pegula, one of Penn State’s Distinguished Alumni.
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