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.
May 27, 2015, 11:47 PM EDT
He wasn’t the only Anaheim player that deserved to be blamed tonight.
May 27, 2015, 11:01 PM EDT
Chicago endured Anaheim’s comeback attempt to win this one.
May 27, 2015, 10:29 PM EDT
The Ducks might have caught a break there.
May 27, 2015, 10:08 PM EDT
He has seven goals in 15 playoff games.
May 27, 2015, 9:46 PM EDT
Chicago scored three goals within four minutes.
May 27, 2015, 9:32 PM EDT
Jordan Weal has been a big part of Manchester’s success.
May 27, 2015, 8:09 PM EDT
Chicago’s mixing things up for this must-win game.
May 27, 2015, 7:04 PM EDT
She’s previously been warned that this course could lead to her being found in contempt.
May 27, 2015, 6:06 PM EDT
Anaheim has a chance to advance to the Stanley Cup Final tonight.
May 27, 2015, 5:24 PM EDT
After just one year in Pittsburgh.
May 27, 2015, 4:43 PM EDT
The ladies sure loved that guy.
May 27, 2015, 4:16 PM EDT
One of the many decisions facing new GM Don Sweeney.
May 27, 2015, 3:49 PM EDT
Game 7 of the Eastern Conference Final goes Friday at MSG.
May 27, 2015, 3:27 PM EDT
The two men worked together for a season in New Jersey.
May 27, 2015, 2:40 PM EDT
Tomas Fleischmann likely on his way out.
May 27, 2015, 2:21 PM EDT
“We’re going to be embedded in this community.”
May 27, 2015, 1:46 PM EDT
“I get the fact there were three goals that went in that were ugly. That’s the growth of a young player.”
May 27, 2015, 1:09 PM EDT
Either way, Kimmo Timonen is likely out.
May 27, 2015, 12:39 PM EDT
Rangers forward has had issues with it thus far.
May 27, 2015, 12:32 PM EDT
Former Panthers and Devils coach will take over a team that missed the playoffs for the first time since 2003.
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