Terry Pegula Net Worth 2024: Terry Pegula is an American billionaire businessman who owns the NFL’s Buffalo Bills and NHL’s Buffalo Sabres, with a current net worth of $7.6 billion in 2024, primarily accumulated through his natural gas company East Resources and subsequent sports investments, while his annual earnings include revenue streams from his sports franchises, real estate holdings, and various business ventures under Pegula Sports and Entertainment.
Key Facts About Terry Pegula
- Terry Pegula’s current net worth reaches $7.6 billion, positioning him at #384 among global billionaires in 2024.
- His landmark achievement includes selling East Resources to Royal Dutch Shell for $4.7 billion in 2010.
- The Buffalo Bills and Buffalo Sabres form the cornerstone of his sports empire.
- His $102 million donation to Penn State University stands as one of the largest in collegiate sports history.
- His daughter Jessica Pegula ranks among the top professional tennis players globally.
What is Terry Pegula’s Background and Early Life?
Born on March 27, 1951, in Carbondale, Pennsylvania, Terry Pegula emerged from modest beginnings. His father worked as a truck driver and coal miner, while his mother’s roots traced back to Montreal, Quebec. His educational journey took him through Scranton Preparatory School before landing at Pennsylvania State University, where he earned his Bachelor of Science in petroleum and natural gas engineering.
How Did Terry Pegula Build His Fortune?
Pegula’s entrepreneurial journey began with a modest $7,500 loan from friends and family in 1983, leading to the establishment of East Resources, a natural gas drilling company. His business acumen shone through the discovery of deep natural gas deposits in the Marcellus Formation. The company’s value skyrocketed with the implementation of hydraulic fracturing technology.
The defining moment came in 2010 when Royal Dutch Shell acquired East Resources’ assets across Pennsylvania, New York, and the Rocky Mountains for $4.7 billion. Pegula further cemented his financial success in 2014 by selling additional assets to American Energy Partners for $1.75 billion.
What Sports Teams Does Terry Pegula Own?
Pegula’s sports ownership portfolio began expanding in February 2011 with the $189 million acquisition of the Buffalo Sabres NHL team and Buffalo Bandits lacrosse team. His most significant sports investment materialized in 2014 when he and his wife Kim purchased the NFL’s Buffalo Bills for $1.4 billion, outbidding high-profile contenders including Donald Trump and Jon Bon Jovi.
What Are Terry Pegula’s Business Investments?
His diverse investment portfolio includes:
- LECOM Harborcenter: A $170 million hockey-themed development in Buffalo
- Black River Entertainment: An independent country music label
- Substantial real estate developments across multiple states
- Impact Sports Performance training facilities
- Bison Wealth: A consulting service launched in 2022
What is Known About Terry Pegula’s Personal Life?
Pegula maintains his residence in Boca Raton, Florida, alongside his second wife, Kim Pegula, whom he married in 1993. His family includes five children: Michael and Laura from his first marriage to Anne Shirley, and Jessica, Kelly, and Matthew with Kim. His daughter Jessica Pegula has achieved notable success as a professional tennis player.
What Recent Developments Have Occurred in Pegula’s Business Empire?
In March 2022, Pegula secured a $1.4 billion deal for a new Buffalo Bills stadium. The agreement features substantial public funding, including $600 million from New York State and $250 million from Erie County, securing the Bills’ presence in Buffalo for 30 years.
What Philanthropic Activities is Terry Pegula Known For?
His $102 million donation to Penn State University stands as his most significant philanthropic gesture, enabling the creation of the Pegula Ice Arena and NCAA Division I hockey programs. Additionally, he and Kim contributed $12 million to Houghton College for athletic facilities.
How Does Terry Pegula Manage His Sports Empire?
Through Pegula Sports and Entertainment, Terry oversees multiple professional sports franchises with a focus on long-term stability and community engagement, despite facing challenges with the Buffalo Sabres’ performance.
What Are The Latest Updates About Terry Pegula?
As of December 2024, Pegula plans to sell a minority stake in the Buffalo Bills, according to Sports Business Journal. Earlier this year, he transferred ownership shares to his daughter Laura Pegula, following Kim Pegula’s health challenges from June 2022. These moves signal strategic restructuring within his sports empire, potentially preparing for future generational transition while maintaining the family’s controlling interest in the franchise.
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