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 25, 2015, 3:31 PM EDT
“One bounce here or there, it’s a different story.”
May 25, 2015, 2:10 PM EDT
Made his NHL debut last season, appearing in 16 games.
May 25, 2015, 2:05 PM EDT
He’s eligible to sign an extension this summer.
May 25, 2015, 12:54 PM EDT
“Everyone involved with the ZSC Lions is so excited about seeing him play in Zurich.”
May 25, 2015, 12:44 PM EDT
This won’t quell the Kevin Bieksa trade speculation.
May 25, 2015, 12:31 PM EDT
“A bigger guy, playing a power forward role.”
May 25, 2015, 11:44 AM EDT
Featuring a whole lot of Dan Bylsma.
May 25, 2015, 11:26 AM EDT
Have the Bolts learned their lesson?
May 25, 2015, 10:05 AM EDT
He played just eight shifts in Sunday’s win.
May 25, 2015, 9:15 AM EDT
Wagner or Fleischman could draw in tonight.
May 25, 2015, 8:15 AM EDT
Monday’s collection of links.
May 25, 2015, 12:00 AM EDT
Two sides to the coin in a shutout.
May 24, 2015, 10:33 PM EDT
Bolts take a 3-2 series to Tampa Bay.
May 24, 2015, 9:36 PM EDT
The Lightning are 7-0 when scoring the first goal in the playoffs.
May 24, 2015, 9:17 PM EDT
Degree of difficulty: high.
May 24, 2015, 9:15 PM EDT
Blocking shots can be a grind, too, after all.
May 24, 2015, 8:07 PM EDT
May 24, 2015, 7:37 PM EDT
No clarification on what would qualify as “dramatic.”
May 24, 2015, 6:52 PM EDT
Who will grab a 3-2 series lead?
May 24, 2015, 5:58 PM EDT
Can Anaheim grind this series out?
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