Jul 29, 2014, 9:02 PM EST
Tuesday afternoon was the deadline for prospective buyers to submit their “indication of interest” for the NFL’s Buffalo Bills and, according to the Buffalo News, Sabres owner Terry Pegula officially threw his hat into the ring.
I can confirm that Buffalo Sabres owner Terry Pegula submitted the non-binding bid and notice of intent today for the Buffalo Bills.
— Tim Graham (@ByTimGraham) July 29, 2014
Pegula, who made his fortune in the natural gas industry, purchased the Sabres in February 2011 and was immediately lauded for his spend-happy ways. Buffalo made huge splashes in his first free agent period as owner, inking Christian Ehrhoff and Ville Leino for a combined $67 million (Pegula would later sign off on compliance buyouts for both players.)
The 63-year-old’s foray into the sporting world wasn’t limited to just the NHL, however. A Penn State alumnus, Pegula donated $100 million to construct an on-campus facility — the Pegula Ice Arena — which opened in 2013 and currently houses the Nittany Lions’ hockey team.
As for Pegula’s interest in the Bills, here’s how the remainder of the process will play out, per USA Today:
The Bills’ trust will analyze the field and select a certain number of those initial bids. Those groups, or bidders, will then be able to gain access to more information about the team and move forward in the process.
Sports business expert and analyst Marc Ganis of the Chicago-based firm, Sportscorp, says this is a process which allows for the Bills to gain more access to the bidders’ financials as well. He says at the end of the day, the Trust will make their decision based on who is the “best top bid”.
“You will typically whittle the groups down to those that you think are the most serious, have the greatest ability and are going to pay the highest the highest price. And that last is really important.”
The Bills fanchise is for sale following the death in March of owner Ralph Wilson. It’s believed real estate mogul Donald Trump and musician Jon Bon Jovi have spearheaded groups that also put forth bids.
Feb 28, 2015, 1:02 AM EST
L.A. played the night before.
Feb 28, 2015, 12:07 AM EST
Lost to Carolina on Friday.
Feb 27, 2015, 11:17 PM EST
He was traded from Philadelphia to Chicago on Friday.
Feb 27, 2015, 10:34 PM EST
Meanwhile, Calgary’s playoff hopes take another hit.
Feb 27, 2015, 9:56 PM EST
Important win for Boston.
Feb 27, 2015, 9:37 PM EST
Feb 27, 2015, 9:19 PM EST
Should be interesting.
Feb 27, 2015, 8:31 PM EST
Another day, another trade.
Feb 27, 2015, 8:25 PM EST
Pascal Dupuis recently opened up about his condition.
Feb 27, 2015, 7:30 PM EST
The Habs host the Maple Leafs on Saturday.
Feb 27, 2015, 6:37 PM EST
That’s according to multiple reports.
Feb 27, 2015, 6:28 PM EST
Trade deadline is Monday, by the way.
Feb 27, 2015, 5:25 PM EST
Was aiming to play Saturday versus the Rangers.
Feb 27, 2015, 4:34 PM EST
GM Doug Wilson has some decisions to make…
Feb 27, 2015, 3:17 PM EST
So says NHL deputy commissioner Bill Daly.
Feb 27, 2015, 3:04 PM EST
Some recommended reading to pass along.
Feb 27, 2015, 2:20 PM EST
Incident occurred during last night’s San Jose-Detroit game.
Feb 27, 2015, 1:53 PM EST
Were dominated by the Red Wings for the final two periods of last night’s loss.
Feb 27, 2015, 1:46 PM EST
News and notes from around the blue paint…
Feb 27, 2015, 1:35 PM EST
Could it keep him from getting moved by Monday?
- Ducks score four third-period goals, come back to beat rival Kings 5
- Blackhawks aren’t done talking trades, will look to add another forward 4
- Breaking: Flyers trade Kimmo Timonen to Blackhawks 21
- Video: Couture fined $5K for slew-footing Smith 22
- Time to start winning — Bruins’ next four games are against non-playoff teams 17
- Burgled: Sens’ Hammond shuts out Kings 14
- Wild get important win vs. Preds (and some luck, too) 41
- Trading baggage: Blue Jackets grab Clarkson, send Horton’s contract to Leafs 66
- Panthers acquire Jagr from Devils 29
- Trotz doesn’t see a ‘big, sexy, difference-maker guy’ on the market 17
- Petrovic: Chicago will ‘probably seek revenge’ for Kane injury tonight (82)
- ‘I don’t know why we’re so comfortable,’ says Toews after loss to Avalanche (69)
- Report: Alex Petrovic avoids discipline after injuring Patrick Kane (69)
- Trading baggage: Blue Jackets grab Clarkson, send Horton’s contract to Leafs (66)
- Lindros files $3M defamation lawsuit against ex-referee Stewart (Updated: Now $250K) (65)