It’s not been formally announced, but The Hockey News — a pretty reliable source on this kind of thing — says Terry Pegula and family have signed a letter of intent to buy the Buffalo Sabres (NHL) from Tom Golisano for a reported $150 million.
Pegula’s wife, Kim, hails from the Buffalo suburbs. They made news earlier this fall after donating $88 million to Penn State for construction of an on-campus arena, allowing the Nittany Lions to move up to Division I hockey for the 2014-2015 season.
Golisano did OK if the sale price ends up as reported: he bought the Sabres for $92 million in 2003, a figure that was lowered after debt was forgiven by state and local governmental units. He did especially well when you consider at least seven other NHL clubs are on the market and imposed a condition that the team must remain in Buffalo.
Pegula and his family made their money in oil — or, more specifically, when Royal Dutch Shell bought his company, East Resources, for $4.7 billion last May. That netted Pegula a cool $3 billion.
RELATED STORIES: Sabres on the market?
Sign up for the free weekly Arena Digest newsletter and keep up with the latest happenings! You can sign up here.
Follow Arena Digest updates on Twitter!