Pegula closes on $1.75 billion land deal, drops hint he has more if he needs it
updated 9:53 PM , August 5, 2014
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.
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.