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.
Oct 23, 2014, 12:35 PM EDT
Postponed in the wake of the Ottawa shootings.
Oct 23, 2014, 12:31 PM EDT
It’s a special teams extravaganza!
Oct 23, 2014, 12:17 PM EDT
Says he was never asked to increase ice time of youngsters returning from injury.
Oct 23, 2014, 12:04 PM EDT
“He’s playing great.”
Oct 23, 2014, 11:50 AM EDT
A court date has been set for Dec. 1.
Oct 23, 2014, 11:38 AM EDT
Probably a figurative slap.
Oct 23, 2014, 10:09 AM EDT
The Islanders defenseman spent six seasons with the Bruins
Oct 23, 2014, 9:32 AM EDT
He’s in the American Hockey League to start 2014-15.
Oct 23, 2014, 8:00 AM EDT
Looks better than one might expect.
Oct 23, 2014, 2:13 AM EDT
Meanwhile, Buffalo scored!
Oct 23, 2014, 1:19 AM EDT
Pretty good chance for three straight.
Oct 23, 2014, 12:23 AM EDT
He was injured on Oct. 16.
Oct 22, 2014, 11:49 PM EDT
No. 8 was having a bit of a difficult night.
Oct 22, 2014, 11:25 PM EDT
Oct 22, 2014, 11:08 PM EDT
Big win for Philly after getting beat bad in Chicago on Tuesday.
Oct 22, 2014, 10:19 PM EDT
Last shift came in the first period.
Oct 22, 2014, 10:13 PM EDT
Oct 22, 2014, 9:48 PM EDT
Little bit of history here.
Oct 22, 2014, 9:19 PM EDT
Milbury doesn’t understand why the Pens would extend him.
Oct 22, 2014, 8:32 PM EDT
Tremendous gesture from the Penguins organization.
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