Kukla's Korner Hockey
Entries with the tag: terry pegula
from Bucky Gleason of the Buffalo News,
The Pegulas now own two franchises going nowhere rather than just one. The Bills missed the playoffs for a 16th consecutive season with no end in sight. The Sabres entered Tuesday’s games in 26th place in the NHL. They were two points ahead of Anaheim, which had two games in hand and was one stop from the bottom.
OK, so the Sabres are in better shape now than they were two years ago. The same could be said about the Bills’ quarterback situation. But it doesn’t take a genius to figure out that neither could get much worse. Temporary improvement speaks to low standards more than it points to overall progress.
The cold truth: As it stands now, the Pegulas are in over their heads.
It sounds harsh, but my intention isn’t to tear down ownership while ignoring the Pegulas’ greater body of work. They single-handedly changed the landscape downtown. They pumped millions of dollars into our region, which boosted confidence among other investors and led them to do the same....
It’s all true but so is this: When it comes to owning professional sports franchises, they don’t know what they’re doing. It’s not their fault. Can you imagine a banker or lawyer – or sports columnist – trying to run a natural gas and oil company? The Pegulas had good intentions for both teams, but pro sports were foreign territory.
And now they need help.
via the Buffalo Sabres PR department,
Kim and I are humbled and honored that the Wilson family has chosen us to be the second owner of the Buffalo Bills. Pending the NFL approval process, being the next owner of the Buffalo Bills would be a great privilege for our family. Ralph Wilson left an indelible mark on our community and we will strive every day to honor his legacy.
Our interest in owning the Bills has everything to do with the people of Western New York and our passion for football. We have knowledgeable, dedicated fans here and along with our ownership of the Buffalo Sabres, it is gratifying to reassure these great fans that two franchises so important to our region are both here to stay.
We are grateful to Senator Chuck Schumer and Governor Andrew Cuomo for their support and desire to keep our Bills in Western New York where they belong and to our team of professional advisors at Allen & Company and Sherrard, German & Kelly. We would also like to thank the staffs of the NFL and the Bills for helping to guide us through the sale process. We now look ahead to the NFL review process in accordance with League policy. If awarded final approval, we will be driven to achieve a singular goal: To win a Super Bowl for our fans.
Out of respect for the continuing sale process, until League approval is attained, we will have no further comment.”
from Mike Ozanian of Forbes,
Sources are telling me that Terry Pegula has won the bidding for the Buffalo Bills for about $1.1 billion.
It is a record price paid for a professional football team that does not own its stadium. The deal could be officially announced today by Morgan Stanley MS -2.12%, the banker conducting the sale for the trust of the team’s late founder, Ralph Wilson.
The owner of the NHL’s Buffalo Sabres beat out a Toronto Group and Donald Trump.
My source says the Toronto Group, which included rocker Jon Bon Jovi, Larry Tenenbaum, chairman and 25% owner of Maple Leaf Sports & Entertainment, and the Rogers family, bid “around $1 bilion” while Trump’s bid did not top $900 million.
“I think if you probably talk to other owners around the league, they might think that I may spend too much money. You may hear that or whatever, but that’s my style. … You might talk to some of the other owners around the league, and they’ll tell you, ‘Who’s this new owner? What is he, crazy? Why did you give this guy money or that guy?’ Hey, it’s my decision. It was something I wanted to do.”
-Terry Pegula, owner of the Buffalo Sabres. Pegula was on WGR radio today and John Vogl of the Buffalo News has more on Pegula.
“My attitude now is, ‘Let’s put Humpty [Dumpty] back together again (injuries). I want our players to know that I thought we had a pretty good hockey team until all this happened. Let’s paste it back together and start a new season.”
-Terry Pegula, owner of the Buffalo Sabres. More from Bucky Gleason of the Buffalo News.
from Bob McKenzie of TSN,
But the billionaire owner of the Buffalo Sabres—whose $88 million “gift” to PSU in September of 2010 to build a hockey arena and start an NCAA Division 1 hockey program is reportedly the largest single donation ever to the school—also has some strong feelings on how the university needs to conduct its affairs now and how the vast majority of “Penn Staters” need not hang their heads.
“I am standing behind the university,” Pegula told TSN in his first interview about the PSU scandal, although he did issue a press release last week re-affirming his financial commitment for the D1 hockey program that is set to begin next fall.
“Our concern and compassion should be for the children involved in these terrible allegations,” he said in a telephone interview from Boca Raton, Fla. “Whomever may have been involved in any way, anyone who knew anything, they’ve got to come clean. They’ve got to step forward and say, ‘Here’s what I know, here’s what happened…’ and that includes you know who,” a seemingly obvious reference to Penn State legendary football coach Joe Paterno.
From Mark Masters at the National Post:
“When the owner is willing to do anything it takes to win, the players respect that and will push hard and work hard.”
There is a sense something special is happening in Buffalo. The Sabres, in eighth place in the East, are not just looking back at Carolina and Toronto anymore. They trail Montreal and the New York Rangers by just two points and could rise to as high as sixth place.
“I think we’re confident,” Ennis said. “Early on in the season, we would find ways to lose and that was tough. Now it feels like we’re finding ways to win.”
Being at the Terry Pegula press conference yesterday, and seeing Sabres legends like Gilbert Perreault and Danny Gare on one side of the room and current icons like Ryan Miller and Thomas Vanek on the other, underscored for me the meaning of keeping the past in your memories but putting it in the rear view mirror and forging ahead.
It’s kind of the same feeling I had when Scotty Bowman in 1981 traded away fan favorites Gare and Jim Shoenfield, when late owner Seymour H. Knox III gave his “Farewell, Old Friend” speech in 1996 during the emotional closing ceremonies at the Aud, and when Tom Golisano rescued the franchise from a near fatal bankruptcy eight years ago.
In the same way that the coronation of Golisano in 2003 brought closure to Sabres fans over the departure of beloved coach Ted Nolan, today’s first full day of the Terry Pegula era should expedite the permanent healing of the lasting wounds this town has felt over the free agency losses of Daniel Briere and Chris Drury.
It won’t, however, ease the pain of No Goal in 1999 or No “D” in Game 7 of the 2006 Eastern Conference Finals. There’s obviously only one cure for that, and the hope in Buffalo is that a diehard Sabres fan with $3 billion can administer it.
The last time there was a sports related press conference of this magnitude in Buffalo, it was a championship fever-fueled circus. Fans lined the streets to get a glimpse of the limo as it arrived. Even the governor showed up.
It was August 18, 1986, when Jim Kelly came to town. That week, renowned Sports Illustrated sportswriter Paul Zimmerman referred to Kelly as “Joe Namath with knees”.
25 years later, the son of said governor is now the governor himself, and Buffalo is still without a championship. But the excitement level today is off the charts, because Terry Pegula is bringing his money and passion for Sabres hockey to Buffalo.
He passed up opportunities to purchase other NHL teams. Keeping in tune with the style of Dr. Z, the New Boss is “Passionate Sabres fan with money”. And today, he finally speaks. Commissioner Gary Bettman will also be on hand.
Terry Pegula has officially been approved.
WGR has learned from a high ranking league source that the NHL Board of Governors have officially approved the sale of the franchise to billionaire Terry Pegula, just hours before the team’s game against the St. Louis Blues.
The announcement is expected to be made on Tuesday, February 22nd, where there is a press conference that is expected to take place.
NHL Commissioner Gary Bettman said on Thursday that the board had been faxing in their votes to league offices for the approval process.
Tom Golisano, Larry Quinn and Dan DiPofi announced the team was being sold to Pegula a little over two weeks ago. The sale of the franchise is for $189 million dollars.
From The Buffalo News,
Pennsylvania billionaire Terry Pegula has started putting key pieces around him as he prepares to take over officially as owner of the Buffalo Sabres. A source confirmed this morning that Pegula has hired former Pittsburgh Penguins executive Ted Black as part of his management team.
Black’s official title and responsibilities have were not yet clear, but it appeared he would be one of Pegula’s top confidants as they begin structuring the front office. Pegula was still awaiting full approval for his purchase from the NHL board of governors, which is expected to be completed sometime next week.
Pegula has no comment this morning, spokesman Ben Bouma said. Black is expected to be heavily involved in all major decisions involving the future of Sabres’ management on all levels. Although it’s not clear, it’s conceivable he would eventually be named team president and oversee daily operations while reporting directly to Pegula.
If new Sabres owner Terry Pegula didn’t have Drew Stafford on his short list of players not to be traded before the sale closing, you have to wonder how quickly he might have gotten on the phone with departing minority owner Larry Quinn last night.
Stafford had his third hat trick of the season, and the Sabres came out of nowhere in the third period to blitz the Tampa Bay Lightning for 5 goals in a 7-4 Buffalo win.
In his past 22 games, Stafford has racked up 17 goals. Wonderkid Steven Stamkos has “only” 14 during that period.
After a down year in 2009-10, frustrated Sabres fans couldn’t have wished the University of North Dakota product out of town fast enough. What ignited the turnaround?
Pegula tells Murphy that he’s excited about becoming the Sabres owner, and believes the team will have success.
“We’re gonna win the Stanley Cup. Then, you know what, we’re gonna win it again,” he told Murphy.
Hockey Night In Canada’s Elliott Friedman reported on Tuesday that he was recently told that incoming Sabres owner Terry Pegula would like to keep both Darcy Regier and Lindy Ruff “going forward”. He mentioned it again in today’s piece about the Sabres scouting department.
I asked Paul Kukla if he could find out from the respected CBC commentator how he knew about this. Friedman’s response to Paul was that he heard of Pegula’s intentions from a “trusted source” at the Board of Governors meeting in Raleigh during the All-Star break.
Another person to keep in mind is former Penguins GM Craig Patrick. Friedman was told that Pegula is interested in bringing on the former Penguins GM in some capacity, perhaps initially in a senior advisory role with the long term goal of him eventually becoming president of the club.
Whether Ruff wants to return as coach, move up to the front office, or test the free agent market is anyone’s guess. After yesterday’s practice he simply stated that he wanted to win a Stanley Cup in Buffalo. Regier has two years remaining on his contract and told the media today that he expects to still have his job in Buffalo next season.
From Pierre LeBrun of ESPN.com,
On the Sabres front, Pegula has agreed to buy the team for $189 million ($175 million in cash and $14 million in assumed liabilities). It’s good news for Sabres fans because the dude has deep pockets (he’s worth around $4.7 billion). But I was also told yesterday it doesn’t mean he’s going to spend to the cap every year. He’s rich because he’s made smart business decisions in his life. Buffalo remains a small market no matter who owns the team.
more, including what GM Darcy Regier told LeBrun this morning, and more Sabres and NHL ownership talk with LeBrun and colleague Scott Burnside.
From the Buffalo Sabres,
BUFFALO, NY (February 1, 2011)—The Buffalo Sabres today announced that Tom Golisano has reached an agreement to sell the Buffalo Sabres and its related companies to Terry Pegula. The agreement, completed at 1 p.m. today, is subject to certain closing conditions including review and approval by the National Hockey League. It is expected the NHL review process will take several weeks to complete.
Tom Golisano and Larry Quinn will hold a press conference on Thursday at Noon in HSBC Arena. There will be no further comment until the press conference.
Terry Pegula will not be at Thursday’s press conference.
As you know, I don’t play the political game here but felt it was necessary to let readers know about this topic. As always feel free to express your opinion and make sure to check out the comments from readers at the Buffalo News.
from James Heaney of the Buffalo News,
In the course of making his fortune, the Florida billionaire negotiating to buy the Buffalo Sabres contributed heavily to politicians in a position to advance his business interests and established a less-than-stellar track record in the environmentally dicey business of drilling for natural gas, The Buffalo News has found.
A News review of compliance records found East Resources, the company Terrence M. Pegula sold last summer for $4.7 billion, had a middling record of complying with environmental regulations in Pennsylvania, his base of operations. The company last year paid the largest regulatory fine in its history and was involved in a spill of toxic wastewater that resulted in the first quarantine of cattle in the history of natural gas drilling in the state.
from The Buffalo News,
RALEIGH, N.C. — Billionaire businessman Terry Pegula today is expected to take a major step toward buying the Buffalo Sabres when he meets with the NHL executive committee during All-Star Weekend. He will outline his plans to purchase the franchise for $175 million.
The presentation before the panel is considered one of the last hurdles he must clear before officially assuming ownership from Rochester billionaire Tom Golisano. Pegula is expected to be approved by the executive committee over the next several days before the purchase is voted upon by the full NHL board of governors in the next few weeks.
There is a misguided notion among some Sabres fans hungry for change that the timing of the impending sale to triple-billionaire Terry Pegula will potentially put a freeze on some much needed player transactions as the February 28th trade deadline approaches. If history is an indicator, don’t fret.
Assuming Buffalo is still out of the playoff picture in five weeks, GM Darcy Regier will best serve the organization by putting on his seller’s cap and stockpiling some draft picks and prospects in what’s starting to look a lot like his final trade deadline at the helm of this team.
Regier has been in this position before, in 2003 to be exact, when Tom Golisano was in the process of saving the franchise. But while the wheels were turning behind the scenes as a transfer of ownership was slowly being completed, Regier wasn’t exactly sitting around contemplating his job status.
He cut ties with veteran forward Vaclav Varada. He parted ways with fan favorite Rob Ray. He moved Stu Barnes to tears when he dealt his captain to Dallas. And in the most brilliant execution of stratagem imaginable, he somehow convinced then-GM Mike Barnett of Phoenix that the Coyotes would be a better team with Chris Gratton than with Daniel Briere.
Filed in: NHL Teams, Buffalo Sabres, | KK Hockey | Permalink
Tags: buffalo+sabres, chris+gratton, daniel+briere, darcy+regier, rob+ray, stu+barnes, terry+pegula, tim+connolly, tom+golisano, vaclav+varada
From WGRZ-TV tweet:
Two on Your Side has learned that Terry Pegula, potential buyer of the Sabres is now at HSBC Arena meeting with the team.
It looks like the transition to new ownership in Buffalo is in full swing.
Link to full article.
From Nick Mendola of WECK-1230 AM:
A source reached out to me and says the sale of the Buffalo Sabres is imminent. While the source could not name Terry Pegula as the buyer, they did inform me that some high-ranking members of Paychex, a company Tom Golisano owns, have received notice that their use of the owners box will cease by the next “home games” due to the impending sale of the team.
Joyous Russian hockey fans weren’t the only ones enthusiastically counting down the final seconds of the World Juniors gold medal game last night.
No sooner had an ecstatic group of Russian teenagers on HSBC Arena ice started celebrating and screaming stuff that we couldn’t understand than Sabres fans at home began holding their breath in anticipation of “The Announcement”.
It was as if they were glued to the television waiting for Managing Partner Larry Quinn to walk out onto the ice right after the Russian anthem, grab the microphone, look into the TSN cameras and spill the beans. “Igor, Yevgeni, great job tonight. Now, for those of you Buffalo Sabres fans who may be watching, I have some exciting news…”
BUFFALO, N.Y. (WGRZ)—A source close to the situation tells 2 On Your Side’s Scott Brown that the sale of the Buffalo Sabres to Pennsylvania billionaire Terry Pegula is expected to be announced at some point after the World Juniors Championship wraps up next week.
We’re told the timing of the announcement is being dictated by Sabres owner Tom Golisano.
Golisano may come to Buffalo for the tournament next week, and doesn’t want an announcement regarding the sale of the team detracting attention from the tournament, which is a point of pride for the Sabres’ organization.
Our source says that Golisano has reached an agreement in principle for the sale of the team to Pegula.
From Ken Campbell of The Hockey News:
THN.com has learned that billionaire Terry Pegula has signed a letter of intent to buy the Buffalo Sabres from Tom Golisano for about $150 million.
Pegula is the founder and CEO of East Resources, one of the largest privately held companies in the United States. A graduate of Penn State University, he and his wife Kim, recently donated $88 million to the school to help fund a new arena and establish a Division I hockey program.
More to follow.
Edit 11:42 a.m. ET : Sabres Managing Partner/Minority Owner Larry Quinn has released the following statement:
“Reports regarding the sale of the Buffalo Sabres tend to surface from time to time. There have been several inquiries in the past few years regarding this subject. Our company policy is we do not comment on them because people make inquiries all the time. Some of these inquiries are serious, some are not, some make the media and others do not. The report that a $150 million letter of intent has been signed is simply not true.”