Terrence Pegula Net Worth

What is Terrence Pegula's net worth?

Terrence Pegula is an American billionaire who has a net worth of $8 billion. That makes him one of the richest people in Florida. Terry Pegula graduated from Pennsylvania State University with a BS in Engineering, then began working for Getty Oil before branching out on his own. He first achieved success after founding East Resources, a natural gas drilling company, in 1983. In 2000, he also bought up the Pennzoil Assets. In 2010, he sold East Resources to Royal Dutch Shell for $4.7 billion. He then used a portion of his funds to purchase the Buffalo Sabres NHL team and the Buffalo Bandits lacrosse team for $189 million. He also gave an $88 million donation to Penn State to aid in the construction of their new Pegula Ice Arena, and gave another $12 million to Houghton University for their Kerr-Pegula Sports Complex. On September 9, 2014, it was announced that a group of investors led by Terry had won the right to purchase the Buffalo Bills NFL franchise for $1.4 billion. Terry's group beat out competing bids from a group led by Jon Bon Jovi and another group led by Donald Trump. Today, the Bills are worth $4 billion. Terrence owns the team with his wife, Kim Pegula. Their daughter, Jessica Pegula, is a successful professional tennis player.

Early Life

Terrence Michael Pegula—known as "Terry" to family and friends—was born on March 27, 1951, in Carbondale, Pennsylvania. He grew up in a working-class family, with his father working as both a truck driver and coal miner. His humble upbringing instilled in him a strong work ethic and appreciation for opportunity, qualities that would later define his business success. Pegula attended Scranton Preparatory School before enrolling at Penn State University, where he earned a Bachelor of Science in Petroleum and Natural Gas Engineering. His education gave him the foundation to pursue a career in the energy sector, leading to his first job in the oil industry.

Oil & Drilling Investments

After graduating, Pegula worked at Getty Oil and Felmont Oil Company, gaining experience in oil and gas exploration. In 1983, he founded East Resources, a natural gas drilling company, with just $7,500 borrowed from family and friends. His company became a major player in hydraulic fracturing (fracking), discovering rich deposits of natural gas in the Marcellus Formation, a geologic region extending through Appalachia. Over the years, East Resources expanded its assets across the United States, leading to multi-billion-dollar sales: In 2010, Pegula sold East Resources' New York, Rocky Mountains, and Pennsylvania assets to Royal Dutch Shell for $4.7 billion. In 2014, he sold the company's West Virginia and Ohio assets to American Energy Partners. He remains active in the industry through JKLM Energy in Pennsylvania and Greater Rocky Mountain Regional Oil & Gas in Wyoming and Colorado. Pegula's success in oil and gas made him one of the richest individuals in the energy sector, and in 2016, Forbes named him one of the 93 Global Billionaires in Oil & Energy.

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Sports Ventures

Pegula is widely recognized for his investments in professional sports. His first major sports acquisition came in 2011, when he purchased Hockey Western New York LLC for $189 million, gaining ownership of the Buffalo Sabres (NHL)and the Buffalo Bandits (NLL). Under his ownership, both teams experienced financial stability and competitive success, with the Sabres undergoing significant roster rebuilds and the Bandits winning multiple National Lacrosse League championships. That same year, Pegula also purchased the Rochester Americans (AHL), a minor league affiliate of the Buffalo Sabres, bringing the team back under Sabres control after years of separation. In 2014, Pegula made his most notable acquisition by purchasing the Buffalo Bills for $1.4 billion. Following the death of longtime owner Ralph Wilson, Pegula and his wife, Kim Pegula, placed the winning bid against notable competitors, including Jon Bon Jovi and Donald Trump. Pegula immediately ended the Bills' Toronto Series, a controversial agreement that had sent home games to Canada. He also launched the "One Buffalo" branding initiative, integrating sports, entertainment, and local businesses under a regional identity. Pegula further expanded his sports portfolio in 2017, acquiring the Buffalo Beauts of the National Women's Hockey League (NWHL). The purchase marked a historic moment, as it was the first time an NWHL team and its NHL counterpart were owned by the same person. However, he divested from the team in 2019, refocusing on his core franchises.

Other Business Investments

Pegula's interests extend beyond oil and sports, as he has invested in music, real estate, and hospitality. He owns a stake in Black River Entertainment, a country music label representing artists such as Kelsea Ballerini and Kellie Pickler. He also owns Impact Sports Performance, a high-performance athletic training center in Boca Raton, Florida, and Buffalo, New York. In 2021, he sold 716 Food and Sport, a popular sports bar in Buffalo, to Southern Tier Brewing Company but remained involved by launching One Buffalo craft beer as part of his "One Buffalo" marketing campaign. Pegula also founded Bison Wealth, a financial consulting firm based in Atlanta, Georgia, in 2022.

Philanthropy

Pegula has made substantial donations to college athletics and infrastructure projects, particularly at Penn State University. In 2010, he donated $102 million to construct the Pegula Ice Arena, which helped Penn State elevate its hockey program to Division I status. In 2014, he and Kim donated $12 million to Houghton College, Kim's alma mater, to build the Kerr-Pegula Athletic Complex, featuring stadiums, a track, tennis courts, and a fitness center. His philanthropic efforts focus on supporting education and athletics, strengthening the next generation of sports programs.

Politics & Advocacy

While Pegula is a registered Republican, he has donated to both Democratic and Republican candidates. During the 2014 election, he contributed to New York Democrats, including Chuck Schumer and Tim Kennedy, despite his Republican registration. He has also advocated for ridesharing legalization in New York, supporting Uber and Lyft expansion outside of New York City. In 2017, he announced a partnership with Uber to provide transportation services to Buffalo Bills and Sabres games.

Personal Life

Terrence Pegula was first married to Anne Shirley, with whom he had two children, Michael and Laura. In 1993, he married Kim Kerr, a South Korean adoptee, and they have three children: Jessica, Kelly, and Matthew. The family resides in Boca Raton, Florida. His daughter, Jessica Pegula, is a top-ranked professional tennis player, consistently ranked among the top 10 in the Women's Tennis Association (WTA). In June 2022, Kim Pegula suffered cardiac arrest, which led to a brain injury and incapacitation. In 2023, she was declared legally incapacitated, with her financial assets transferred to a trust managed by Terry Pegula and business partner Bob Long. As a result, their daughter Lauren Pegula assumed minority ownership of the Buffalo Bills in 2024.

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