Bloomberg Billionaires Index

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#357 Terry Pegula $5.01B

Random fact: Said in 1983 if he ever had the money, he'd buy the Sabres.

Overview

Pegula is the owner of the Buffalo Bills (football) and Buffalo Sabres (hockey) franchises. He made his fortune from East Resources, a natural gas producer he founded and sold in three parts, collecting $5.3 billion. A native of Carbondale, Pennsylvania, Pegula still owns some leases in the Marcellus and Niobrara shale formations.

As of July 26, 2017:
Last change No change
YTD change +$150M (+3.1%)
Industry Energy
Biggest asset Cash
Citizenship United States
Age 66
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Terry Pegula's net worth of $5.01B can buy ...

0
troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

0%
of the GDP of the United States
0%
of the total wealth of the 500 richest people in the world
0%
of the top 100 U.S. college endowments
0%
of the top 200 U.S. executives’ total awarded compensation
0%
of U.S. existing home sales
0
times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Pegula's fortune is derived from East Resources, a U.S. natural gas exploration and production company he founded in 1983 and sold the majority of in multiple transactions from 2009 through 2014. Pegula received $5.3 billion before capital gains taxes and after accounting for company debt that was retired in the sales.

Pegula purchased the Buffalo Sabres pro hockey franchise and the team's arena for $189 million in 2011. It's valued at $230 million, based on the sales of the New Jersey Devils for $300 million and the Phoenix Coyotes for $160 million.

Pegula purchased the Buffalo Bills football franchise for $1.4 billion in 2014. He's the sole owner of the team and has no debt on the organization. It's valued at its purchase price based on a March 2016 analysis of NFL values based on an October 2016 valuation opinion from Peter J. Schwartz, a consultant with Anderson Economic Group.

Pegula stated in mid-2014 that he holds "significant oil and gas assets" in Colorado, Wyoming, New York, West Virginia and Pennsylvania. They're not valued because of a lack of information. East Resources said in August 2016 that it has no employees and no state-level production reports filed under the company name.

The value of Pegula's cash and other assets is calculated by applying taxes and accounting for market performance and charitable giving, including a $102 million gift to Penn State University to upgrade the school's men's and women's hockey facilities.

Michael Gilbert, a spokesman for Pegula, said in an e-mail that the billionaire declined to comment on his net worth.

Biography

Birthdate: 3/1951
Family: Married, 5 children
Education: 1973, Pennsylvania State University, Engineering, Bachelor's Degree

Terry Pegula was born in March 1951 in Carbondale, in northeast Pennsylvania. He attended high school at Jesuit-run Scranton Preparatory School in nearby Scranton and later enrolled at Pennsylvania State University as a math major. In order to stay in school and secure a scholarship, he switched majors to natural gas engineering, according to a December 2014 biography of Pegula on the Buffalo Sabres website.

Pegula graduated Penn State in 1973 and got his first job with Getty Oil in Victoria, Texas. He later joined Felmont Oil Co., transferring with the job to western New York. An ice hockey enthusiast, Pegula became a fan of the Buffalo Sabres franchise while watching the 1975 Stanley Cup finals. He bought the team in 2011.

He formed his own oil and gas exploration and production company, East Resources, in 1983, using $7,500 borrowed from friends and family. Over the next 27 years, he built it into one of the largest closely held energy companies in the U.S. He began to divest most of its assets in 2009, collecting almost $5.3 billion. After completing those sales in 2014, he purchased the Buffalo Bills for $1.4 billion, pledging to keep the NFL football team at home.

Pegula lives in Buffalo and Boca Raton, Florida, with his second wife, Kim. He has five children from two marriages.

Milestones
  • 1951 Terry Pegula is born in Carbondale, Pennsylvania.
  • 1973 Graduates from Penn State with a degree in natural gas engineering.
  • 1983 Founds East Resources, a natural gas and oil exploration company.
  • 2009 KKR invests $350 million in East Resources.
  • 2010 Earns $3.5 billion from sale of much of East Resources to Royal Dutch Shell.
  • 2011 Purchases the Buffalo Sabres hockey franchise for $189 million.
  • 2014 Buys the NFL Buffalo Bills for $1.4 billion in cash.
  • 2014 Collects $1.75 billion from sale of East Resources assets to American Energy.