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.
Nov 22, 2014, 10:20 AM EST
He’s been hot in the AHL lately.
Nov 22, 2014, 9:45 AM EST
(Waits for “everything” jokes.)
Nov 22, 2014, 1:45 AM EST
Nov 22, 2014, 12:40 AM EST
Booed off the ice at the end of this game.
Nov 21, 2014, 11:52 PM EST
It was nice.
Nov 21, 2014, 11:29 PM EST
Going from bad to worse for Edmonton.
Nov 21, 2014, 10:51 PM EST
Lucic didn’t drop his gloves. Prout did. History between these two.
Nov 21, 2014, 10:17 PM EST
There’s a history between these two.
Nov 21, 2014, 10:02 PM EST
Columbus was leading 2-0 at the time.
Nov 21, 2014, 9:40 PM EST
Ranks seventh in the NHL in ice time.
Nov 21, 2014, 8:49 PM EST
Possible headbutt in this fight?
Nov 21, 2014, 8:11 PM EST
They’ve won big and they’ve lost big.
Nov 21, 2014, 7:14 PM EST
A San Jose draft pick from 2008.
Nov 21, 2014, 6:37 PM EST
Avs call up a trio of players from the AHL.
Nov 21, 2014, 5:31 PM EST
“I really feel bad for him. It appears his parents mismanaged his money.”
Nov 21, 2014, 4:40 PM EST
Pursuant to the “Bona Fide Long-Term Injury Exception” section of the CBA.
Nov 21, 2014, 4:21 PM EST
That’s a guy shoveling snow off his roof in Buffalo.
Nov 21, 2014, 3:43 PM EST
D-man for d-man.
Nov 21, 2014, 3:17 PM EST
Currently out of the playoff picture in the Western Conference.
Nov 21, 2014, 2:29 PM EST
News and notes from around the crease…
- Been there, done that: Oilers lose five straight for second time this season 6
- Prout drops Lucic: ‘As far as I was concerned we were engaged in a fight’ 48
- Video: Prout drops Lucic with one punch 39
- NHL grants Kings cap relief for Voynov, who’s still suspended indefinitely 30
- Trade: Stars get Demers from Sharks, send Dillon to San Jose 17
- The Leafs didn’t salute their fans last night, so that’s a thing now 75
- Dallas signs Jason Spezza to four-year, $30 million extension 18
- Video: Ovechkin with an unreal dangle, scores game-winner 17
- Video: Avs’ Tanguay takes Ovechkin shot to the face (Updated) 4
- Video: Lindros and LeClair inducted into the Flyers Hall of Fame 13
- The Leafs didn’t salute their fans last night, so that’s a thing now (75)
- Jack Johnson filed for bankruptcy, parents allegedly took advantage of him (58)
- Wild put Harding on waivers (Updated) (52)
- After Voynov suspension, Lombardi wonders if teams need a ‘cushion’ in case a player is a ‘bank robber, kleptomaniac’ (51)
- Prout drops Lucic: ‘As far as I was concerned we were engaged in a fight’ (48)