Terry Pegula: A Billionaire’s Journey from Oil and Gas to Sports Empire
Terry Pegula, born in 1951, is an American billionaire who made his fortune in the oil and gas industry with his company, East Resources. Alongside his wife, Kim Pegula, he now owns and manages Pegula Sports and Entertainment, a sports and entertainment holding company that includes the Buffalo Bills and the Buffalo Sabres.
From Petroleum Engineer to East Resources Founder
Starting his career as a petroleum engineer at Getty Oil, Terry Pegula founded East Resources in 1983 with a $7,500 loan from his family. Initially focusing on oil, the company later shifted its attention to natural gas. After selling most of the company’s assets for billions, Pegula transitioned to the sports and entertainment industry.
Building a Sports and Entertainment Empire
Pegula Sports and Entertainment (PSE), based in Buffalo, New York, is the holding company for a range of investments, including the Buffalo Bills of the NFL, the Buffalo Sabres of the NHL, and the Buffalo Beauts of the National Women’s Hockey League. PSE also owns the professional lacrosse team Buffalo Bandits and the professional ice hockey team Rochester Americans.
Acquiring the Buffalo Bills and Buffalo Sabres
In 2014, PSE purchased the Buffalo Bills for $1.4 billion, outbidding Donald Trump. Additionally, Pegula paid $189 million for the Hockey Western New York Company, which owns both the Sabres and the Buffalo Bandits.
Terry Pegula’s Net Worth and Philanthropy
With an estimated net worth of $6.7 billion, Terry Pegula is known for his philanthropy, supporting causes such as cancer research, youth sports programs, and his alma mater, Penn State University. He has donated millions to various educational institutions for the construction of sports facilities.
Pegula is the owner of several assets, including:
- Buffalo Bills: Pegula and his wife Kim Pegula are the owners of the NFL franchise, the Buffalo Bills.
- Buffalo Sabres: Pegula also owns the NHL franchise, the Buffalo Sabres.
- Pegula Sports and Entertainment: This is a sports and entertainment company that the Pegulas own and operate, which manages the Buffalo Bills and Buffalo Sabres, as well as several other sports and entertainment properties.
- Real Estate Properties: The Pegulas also own a number of real estate properties, including hotels, office buildings, and residential properties.
- Natural Gas: Terry Pegula made his fortune in the natural gas industry and still holds assets in this sector through his company, East Resources Inc.
Family Life and Yachting Passion
Terry and Kim Pegula have five children, one of whom is professional tennis player Jessica Pegula. The Pegulas have a passion for yachting, and their latest vessel, Top Five II, is named after their children.
Terry’s wife Kim Pegula is co-owner of the Buffalo Bills. Kim is the President of the family’s Pegula Sports and Entertainment. Terry and Kim met in a restaurant, where Kim was soliciting for a job. He offered her a job at his gas company.
Their daughter Jessica Pegula is an American professional tennis player. She was born on February 24, 1994. Jessica competed in the 2022 US Open. Her highest ranking was No 7. in the world.
Frequently Asked Questions (FAQ)
How did Terry Pegula make his money?
He used a US$ 7.500 loan from his family to fund the company East Resources. He started drilling for oil and later for natural gas. He sold the company for more than $6 billion to Shell PLC.
How did Terry Pegula meet his wife?
Terry and Kim met in a restaurant, where Kim was soliciting for a job. He offered her a job at his gas company.
Where do Terry and Kim Pegula live?
They live in Boca Raton, Florida, USA.
Boca Raton is a city located in Palm Beach County, Florida, United States. It is a popular tourist destination known for its beautiful beaches, upscale shopping and dining, and high-end residential communities.
Boca Raton has a long history, with roots dating back to the early 20th century when it was developed as a resort town. Today, the city is home to a diverse population of over 100,000 residents, and is considered one of the most affluent cities in the country.
One of the city’s most famous landmarks is the Boca Raton Resort & Club, a luxury resort and spa that has been a popular destination for generations. The resort is known for its beautiful grounds, stunning beaches, and world-class amenities.
In addition to its many tourist attractions, Boca Raton is also a hub for commerce and industry, with a thriving business community that includes many large corporations and leading technology companies. The city is also home to several top-ranked schools and universities, including Florida Atlantic University and Lynn University.
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