Jul 29, 2014, 9:02 PM EDT
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.
Aug 28, 2015, 10:15 PM EDT
You know, the one injured on “that” slash from P.K. Subban.
Aug 28, 2015, 9:00 PM EDT
Which is great news for Dallas.
Aug 28, 2015, 7:45 PM EDT
The club’s top pick at this year’s draft.
Aug 28, 2015, 6:30 PM EDT
Former Avs and Habs goalie spent all of last year in the AHL.
Aug 28, 2015, 5:15 PM EDT
Yet another NHL club hiring a fancy stats guy.
Aug 28, 2015, 3:55 PM EDT
Scored a career-high 19 goals and 40 points last year.
Aug 28, 2015, 3:00 PM EDT
Former Panthers, Devils head coach takes over a team that “hit a little bit of a rut.”
Aug 28, 2015, 1:40 PM EDT
After an up-and-down rookie year, he’s looking to solidify his spot.
Aug 28, 2015, 12:19 PM EDT
Legendary Isles coach had been battling Parkinson’s and dementia.
Aug 28, 2015, 12:00 PM EDT
Bit of an issue last season, if you’ll recall.
Aug 28, 2015, 11:00 AM EDT
From little-used backup to clear-cut No. 1.
Aug 28, 2015, 10:03 AM EDT
It all comes down to goaltending.
Aug 28, 2015, 9:00 AM EDT
Their playoff streak ended after 10 straight appearances.
Aug 28, 2015, 8:00 AM EDT
Friday’s collection of links.
Aug 27, 2015, 10:00 PM EDT
The defenseman had 34 points in 66 OHL games last season.
Aug 27, 2015, 8:58 PM EDT
He might end up with a two-year deal.
Aug 27, 2015, 8:21 PM EDT
He’s entering the final season of his five-year, $22 million deal.
Aug 27, 2015, 6:48 PM EDT
Playoff seeding will be determined by points percentage.
Aug 27, 2015, 5:18 PM EDT
It could prove to be a bargain deal.
Aug 27, 2015, 4:25 PM EDT
The Penguins are a win now team coming off of a quick first round exit.
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