Terry Pegula

Billionaire petroleum engineer who bought the Bills for $1.4 billion cash in 2014 and secured a new $1.4 billion stadium funded partly by taxpayers.

Terrence Michael Pegula, born March 27, 1951, is an American billionaire businessman and petroleum engineer who owns the Buffalo Bills alongside a consortium approved in late 2024. He originally secured the franchise on October 10, 2014, with a $1.4 billion all-cash bid after competing against Donald Trump and Jon Bon Jovi. As president of the team, Pegula immediately ended the Bills Toronto Series and launched the "One Buffalo" marketing campaign. His ownership stakes in natural gas development through East Resources fueled this sports expansion, resulting in a net worth exceeding US$7 billion.

Quick Facts

Born

27 March 1951

Birthplace

Carbondale, Pennsylvania, U.S.

Occupation

Petroleum engineer
Professional sports team owner
Real estate developer

Education

Pennsylvania State University (BS)

Spouse

Anne Shirley; Kim Kerr (1993)

Children

5 (including Jessica)

Lore & Background

Pegula's entry into NFL ownership began on September 9, 2014, when he placed the winning binding bid to purchase the Buffalo Bills following the death of founder Ralph Wilson. The Pegulas made a $1.4 billion cash offer, outcompeting future President Donald Trump and musician Jon Bon Jovi, who was backed by Toronto-based Maple Leaf Sports and Entertainment principals. After unanimous approval from the NFL's finance committee on September 17, 2014, and final owner approval on October 8, 2014, the deal closed on October 10. Pegula's first major move was ending the Bills Toronto Series in an agreement reached December 3, 2014. On March 28, 2022, a landmark deal was announced for a new 62,000-seat stadium in Orchard Park costing $1.4 billion. New York State committed $600 million, Erie County $250 million, the Pegulas $350 million, and the NFL provided a G-4 loan of $200 million. The agreement made New York State the owner responsible for maintenance costs, marking the largest taxpayer contribution ever for an NFL facility. Critics called it corporate welfare, especially as the deal was released just four days before the state budget deadline.

Reader's Guide

Terrence Michael Pegula was born in Carbondale, Pennsylvania, attended Scranton Preparatory School, and earned a bachelor's degree in petroleum and natural gas engineering from Penn State University. Beginning in 1985, he based his operations in Allegany, New York. His sports empire expanded beyond the Bills to include the Buffalo Sabres (purchased February 2011 for $189 million), the Buffalo Bandits (NLL), and the Rochester Americans (AHL). Pegula also invested heavily in local infrastructure, winning a bid for the Webster Block development rights in 2012. This led to the $170 million LECOM Harborcenter, which opened in stages between November 2014 and August 2015. He purchased 79 Perry Street in 2017, redeveloping it into a mixed-use facility housing his company headquarters and a test brewery called "Labatt Brew House." His portfolio extended to Black River Entertainment, Impact Sports Performance facilities, and the Buffalo Beauts (acquired December 21, 2017, divested in 2019). In July 2022, he established Bison Wealth.

Did You Know?

The new $1.4 billion stadium agreement was released just four days before New York state's budget deadline, limiting legislative scrutiny.
In December 2024, the NFL approved private equity firms owning a stake in an NFL franchise for the first time, with Arctos Partners holding 10% of the Bills.
Pegula founded East Resources in 1983 with only $7,500 from family and friends before selling assets to Royal Dutch Shell for $4.7 billion.