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Pegula closes on $1.75 billion land deal, drops hint he has more if he needs it


That loud groan you just heard came from Buffalo Bills bidders not named Terry Pegula.

The man has cash. And he can get more if he needs it.

Lots more.

Terry Pegula's company, East Resources Inc., announced today it had closed on a $1.75 billion sale of petroleum acreage in West Virginia and Ohio.

In a press release, Pegula delivered a rare comment about his financial reserves.

"Our team truly is a leader in the domestic oil and gas industry," Pegula said. "Our affiliate companies still retain significant oil and gas assets in Colorado, Wyoming, New York, West Virginia and Pennsylvania.

"We are not going away."

The comment is reminiscent of the slick line he delivered in 2011, when asked if he'd bought the Buffalo Sabres as an investment or because he wanted to win championships.

"If I want to make some money," Pegula said, "I'll go drill a gas well."

Was there a coincidence that Pegula boldly commented today, of all days?

Maybe. Regardless, it had to resonate with his NFL competition.

The East Resources press release came the same day Morgan Stanley, the bank overseeing the Bills' sale, allowed the Jon Bon Jovi group to submit a revised non-binding proposal to buy the team.

On Sunday, NBC Sports announcer Al Michaels quoted prospective buyer Donald Trump as offering $1 billion to buy the Bills.

Former Sabres owner Tom Golisano, meanwhile, is not known to have submitted a bid at all.

  • mike flaherty

    Take that JBJ!!! There aren't enough tone deaf 50 year old acid washed jeans wearing women in the world to buy your crap and help your bid. Your dealing with an adult, go back to the kiddie table.

  • Guest

    Wait, so Pegula just upped his wealth by 3.5B in the last 2 months? At this point, I'm just going to recognize Pegula as the new owner. Who's going to beat that money press?

  • Paul Kawalerski

    I think Bon Jovi should consider writing a new tune - Call it "We don't have a prayer". Gotta love Pergulas's moxy. I guess Buffalo has some serious wealth here. We just don't have to flash it - unless we need to. Go Bills!!!

  • eric

    Pegula is the fan favorite at this point.
    For all the right reasons

  • Barnez Hilton

    Don't Bash JBJ. At least he's interested.

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About the reporters

Vic Carucci returned to The Buffalo News as a Bills beat reporter in September. Carucci covered the Bills for 17 years before joining as a columnist in 1999. Prior to rejoining The News, he spent three years as a senior editor for the Cleveland Browns.

Tim Graham returned to The Buffalo News in 2011 after covering the NFL for three years at ESPN and for one year at the Palm Beach Post. Before that, the Cleveland native spent seven seasons on the Buffalo Sabres beat for The News and was president of the Boxing Writers Association of America.

Jay Skurski joined The News in January 2009. The Lewiston native attended St. Francis High School before graduating from the University of South Florida.