How Old Is Terry Pegula
Terry Pegula, the billionaire businessman and petroleum engineer, is currently 72 years old. Known for his diverse interests in natural gas development, real estate, entertainment, and professional sports, Pegula is the owner and president of the Buffalo Bills in the NFL and the Buffalo Sabres in the NHL.
Born on March 27, 1951, Pegula has amassed a net worth estimated to be over $7 billion.
In this article, we will delve into Terry Pegula’s background, his early life and career, his ventures in the world of sports, and his philanthropic contributions.
Early Life and Career
Terry Pegula, born on March 27, 1951, hails from Carbondale, Pennsylvania. He pursued his higher education at Penn State University, where he obtained a Bachelor of Science degree in petroleum and natural gas engineering. Armed with his knowledge and expertise, Pegula embarked on an illustrious career in the energy sector.
After gaining experience within various energy companies, Pegula decided to establish his own natural gas drilling company. In 1983, he founded East Resources, which would soon become a prominent player in the industry. East Resources experienced considerable success following the discovery of vast deposits of natural gas in the Marcellus Formation. Implementing innovative hydraulic fracturing (commonly known as “fracking”) techniques, Pegula revolutionized gas recovery processes.
East Resources witnessed significant growth and ultimately caught the attention of Royal Dutch Shell. In a transformative deal, Pegula sold the company’s assets in Pennsylvania, New York, and the Rocky Mountains to Royal Dutch Shell for an impressive sum of approximately $4.7 billion. This transaction solidified Pegula’s position as a prominent figure in the energy sector and enabled him to embark on new ventures.
Sports Ventures
In 2011, Terry Pegula made a significant move in the world of sports by acquiring Hockey Western New York LLC. This acquisition included ownership of both the Buffalo Sabres, an NHL team, and the Buffalo Bandits, a National Lacrosse League team. Pegula purchased the two teams for an impressive sum of $189 million.
Under Pegula’s ownership, the Buffalo Sabres saw positive changes and investments. One notable achievement was the construction of the state-of-the-art Harborcenter, a multi-purpose facility that boasts two ice rinks, a training center, and various other amenities. The Harborcenter has become a hub for hockey development and a centerpiece of the sports scene in Buffalo.
In addition to the Sabres, Pegula also acquired the Rochester Americans, a team that was previously affiliated with the Sabres. With Pegula at the helm, the Rochester Americans have benefited from upgrades to their arena, the Blue Cross Arena, enhancing the fan experience.
Not content with his impressive ventures in the world of hockey, Pegula set his sights on the NFL. In 2014, he successfully placed the winning bid to purchase the Buffalo Bills for a staggering $1.4 billion. This acquisition solidified his ownership of the NFL team and demonstrated his commitment to sports in the Buffalo area.
Other Ventures and Philanthropy
Terry Pegula’s influence extends beyond the realm of professional sports. Alongside his successful sports ventures, he has made notable contributions to the real estate development sector. Pegula secured the development rights to the Webster Block in Buffalo and spearheaded the construction of the impressive LECOM Harborcenter building. This remarkable structure not only offers state-of-the-art hockey facilities but also features retail spaces, restaurants, and a hotel.
However, Terry Pegula’s passion for making a positive impact extends far beyond real estate. Together with his wife, Kim Pegula, he has embraced a philanthropic mission. The couple made a groundbreaking $102 million donation to Penn State University, which paved the way for the creation of the Pegula Ice Arena. This world-class facility serves as a testament to their commitment to supporting the development of youth in sports.
Not stopping at Penn State, the Pegulas have been actively involved in various charitable causes. They have shown unwavering support for the Children’s Hospital of Buffalo and have been instrumental in providing resources and assistance to those in need. Through their constant efforts, Terry Pegula and his wife have demonstrated their dedication to making a positive difference in the lives of others, both in their local community and beyond.
