SBD/February 2, 2011/Franchises

Sabres Officially Announce Sale Of Team To Terry Pegula

Final details of Sabres sale were ironed out late Monday night
The Sabres yesterday announced that Owner Tom Golisano "has completed an agreement to sell the franchise" to East Resources President & CEO Terry Pegula, according to Mike Harrington of the BUFFALO NEWS. Golisano tomorrow "will join managing partner Larry Quinn to discuss the transaction during a news conference." Golisano, "who has owned the team since he rescued it from bankruptcy in 2003, has not met with the media since the opening day of training camp in 2008." Pegula, "who will become the fourth owner in the franchise's 40 seasons," will have his own news conference "once the deal is approved by the NHL's Board of Governors, which is likely to happen later this month." Financial terms of the deal were not disclosed, but it is "widely known Pegula is paying $189 million for the Sabres, the popular and profitable Buffalo Bandits of the National Lacrosse League and the right to manage" HSBC Arena (BUFFALO NEWS, 2/2). Quinn said that the "final details of the sale were ironed out late Monday night, but he would not elaborate." In N.Y., Klein & Caldwell note Pegula and his wife, "who grew up in the Buffalo suburbs, are former Sabres season-ticket holders." Last year, they donated $88M to Penn State Univ., the "largest private gift in university history, to build a hockey rink and start Division I men's and women's hockey programs" (N.Y. TIMES, 2/2).
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