Terry Pegula Net Worth 2024, the American billionaire businessman and sports mogul, is best known for his ownership of the NFL’s Buffalo Bills and the NHL’s Buffalo Sabres. As of 2024, Pegula’s net worth is estimated at $7.6 billion, making him one of the wealthiest individuals globally. His fortune was primarily built through his natural gas company, East Resources, and strategic investments in professional sports, real estate, and other business ventures under Pegula Sports and Entertainment.
Key Facts About Terry Pegula
- Net Worth: $7.6 billion as of 2024, ranking him #384 among global billionaires.
- Major Achievement: Sold East Resources to Royal Dutch Shell for $4.7 billion in 2010.
- Sports Empire: Owns the Buffalo Bills (NFL) and Buffalo Sabres (NHL).
- Philanthropy: Donated $102 million to Penn State University for the creation of the Pegula Ice Arena and NCAA Division I hockey programs.
- Family Success: Daughter Jessica Pegula is a top-ranked professional tennis player.
Terry Pegula’s Background and Early Life
Born on March 27, 1951, in Carbondale, Pennsylvania, Terry Pegula grew up in a modest working-class family. His father worked as a truck driver and coal miner, and his mother’s roots traced back to Montreal, Quebec. Pegula attended Scranton Preparatory School before earning a Bachelor of Science in petroleum and natural gas engineering from Pennsylvania State University.
How Terry Pegula Built His Fortune
Pegula’s entrepreneurial journey began in 1983, when he borrowed $7,500 from friends and family to establish East Resources, a natural gas drilling company. His big break came when he discovered deep natural gas deposits in the Marcellus Formation. With the help of hydraulic fracturing (fracking) technology, the company grew rapidly, and its value soared.
In 2010, Pegula made a major financial move when he sold East Resources to Royal Dutch Shell for $4.7 billion. He continued to bolster his wealth with further asset sales, including a $1.75 billion deal with American Energy Partners in 2014.
What Sports Teams Does Terry Pegula Own?
Terry Pegula’s foray into sports ownership began in 2011 with the $189 million purchase of the Buffalo Sabres NHL team and the Buffalo Bandits lacrosse team. His biggest sports acquisition came in 2014, when he and his wife Kim purchased the NFL’s Buffalo Bills for $1.4 billion, outbidding prominent figures like Donald Trump and Jon Bon Jovi.
Terry Pegula’s Business Investments
Beyond sports, Pegula has built a diverse business portfolio:
- LECOM Harborcenter: A $170 million hockey-themed development in Buffalo.
- Black River Entertainment: An independent country music label.
- Real Estate: Significant real estate developments across several states.
- Impact Sports Performance: Training facilities aimed at improving athletic performance.
- Bison Wealth: A consulting service launched in 2022.
Terry Pegula’s Personal Life
Terry Pegula resides in Boca Raton, Florida, with his second wife, Kim Pegula, whom he married in 1993. They have three children together: Jessica, Kelly, and Matthew. He also has two children from his first marriage to Anne Shirley: Michael and Laura. His daughter, Jessica Pegula, has become a notable professional tennis player, adding to the family’s sports prominence.
Recent Developments in Pegula’s Business Empire
Terry Pegula’s sports empire continues to expand, with major developments such as:
- In March 2022, Pegula secured a $1.4 billion deal for a new Buffalo Bills stadium, with significant public funding from New York State and Erie County. This ensures the Bills will remain in Buffalo for at least the next 30 years.
- Generational Transition: In December 2024, Pegula announced plans to sell a minority stake in the Buffalo Bills, signaling potential restructuring within his sports empire. Earlier in the year, he transferred ownership shares to his daughter Laura Pegula, following his wife Kim Pegula’s health challenges in 2022.
Philanthropic Contributions
Terry Pegula has made significant philanthropic contributions, including:
- $102 million donation to Penn State University: This donation created the Pegula Ice Arena and helped establish NCAA Division I hockey programs.
- $12 million donation to Houghton College: This gift was earmarked for the development of athletic facilities.
How Terry Pegula Manages His Sports Empire
Pegula oversees his sports holdings through Pegula Sports and Entertainment, focusing on long-term stability and community engagement. While the Buffalo Sabres have faced some performance challenges, Pegula’s overall management strategy has helped maintain strong ties with the local community and ensure continued success across his franchises.
Latest Updates About Terry Pegula
As of December 2024, Pegula is strategically restructuring his business empire. The sale of a minority stake in the Buffalo Bills is expected to provide opportunities for future growth and generational leadership transition. The transfer of shares to his daughter Laura is seen as part of his preparation to pass down control of the family’s sports empire while ensuring the Pegula family’s ongoing influence in both the NFL and NHL.
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