Bills bidder Pegula closes on $1.75 Billion Deal

[Woodman]

The Buffalo Sabres owner closed on a $1.75 billion deal to sell the drilling rights on about 75,000 acres of land in Ohio and West Virginia to American Energy on Tuesday. The sale was announced by American Energy and in a release issued by PR Newswire.

more*** http://pro32.ap.org/article/bills-bidder-pegula-closes-175-billion-deal

In announcing the sale to American Energy, Pegula said he still retains what he called "significant oil and gas assets" in Colorado, Wyoming, New York, West Virginia and his native Pennsylvania.
The Bills were last valued at $870 million, but are expected to sell for at least $1 billion, partly because NFL teams rarely go on the market.
A Toronto-based group fronted by rocker Jon Bon Jovi has also expressed interest in buying the Bills. But it's not clear whether the Bon Jovi group was selected to advance in the sale process.
The next step is for approved groups to advance is to meet with both Morgan Stanley and members of the estate to obtain the franchise's financial information.
Once that is done in the coming weeks, groups will then be asked to submit formal bids. The bidding process is unsealed, meaning Wilson's estate will have the ability to ask groups to increase their bids.

GO TERRY!!

[Mace]

Go Terry Go, please.

[Gilly]

Man does have some money to play with...

I see this will be a big disappointment to several posters here, the Bills are staying in Buffalo...

:rofl:

[gebobs]

$1.75 billion? Is he insane?

And if he is, how long does HE have to live? He's 63.

[Mace]

$1.75 billion? Is he insane?

Absolutely, I'd have gone for 1.775. Call him crazy, call him mad, you're taking food out of his mouth and clothes off his back but he has a deal.

[Scumbag College]

In Terry I trust.

[MikeNC]

$1.75 billion? Is he insane?

And if he is, how long does HE have to live? He's 63.


What's so insane about selling drilling rights for 1.75??

[Night Train]

Tell me that headline wasn't well timed.

[Jan Reimers]

Tell me that headline wasn't well timed.

i was just going to say that the timing of the closing, the article itself, and Terry's quote that he still has massive amounts of oil and gas interests in several states, was perfect.


It should be more than just a shot across the bow of the other bidders. It should be a dagger in their hearts.

[trapezeus]

didn't read the article, but is this the same deal from a few weeks ago where he was getting $1.75BN in cash. this is just the closing of that announced deal, correct? or is this a seperate raise in cash from him? because if he has $3.5BN in cash in his pockets (naturally 3 $1BN bills and a $500k bill), the show is definitely over for other bidders

as for his age, his wife is a little younger than him and fairly active with the sabres. i think she'd be willing to own the team, and her daughter and son seem to be very sports oriented. so i would think the family values it just as much as he does.

[WagonCircler]

didn't read the article, but is this the same deal from a few weeks ago where he was getting $1.75BN in cash. this is just the closing of that announced deal, correct? or is this a seperate raise in cash from him? because if he has $3.5BN in cash in his pockets (naturally 3 $1BN bills and a $500k bill), the show is definitely over for other bidders

as for his age, his wife is a little younger than him and fairly active with the sabres. i think she'd be willing to own the team, and her daughter and son seem to be very sports oriented. so i would think the family values it just as much as he does.

Yes, this is the same deal, just closing. In other words, he now has the cash in hand (figuratively).

To put it in perspective, Bon Jovi would struggle mightily to come up with $300 MIL. Pegs has, in all likelihood, well over $2 BIL in cash at the ready. And he could sell more drilling rights at a moment's notice if he needed to. But he doesn't need to.

Terry P is straight up killing it.

[THATHURMANATOR]

People he didn't bid 1.75 Billion

That is what he sold land for.

[Pinkerton Security]

$1.75 billion? Is he insane?

And if he is, how long does HE have to live? He's 63.

did you read the article?

[THATHURMANATOR]

did you read the article?

YES

- - - Updated - - -

DID YOU?

[Jan Reimers]

People he didn't bid 1.75 Billion

That is what he sold land for.

You're correct, Thurm. He sold the drilling rights on 75,000 acres. It simply gives him more liquidity (cash) to use in the Bills' bidding process, which is a huge help. He must have $2-3 Billion in cash now.

Who can stop him?

[DesertFox24]

Ok we all know Pegula will keep team in buffalo and is probably the best guy to buy the team. He has the money, is a fan (like Kraft), does not appear to be cheap like Galisano.

My question is to sabers fans.

He has owned the team for two years now and I know they have some really nice prospects and some respected guys in place to run and coach the team. How does the city of buffalo think of him as an owner for the sabers.

I live in Nevada and am a NY Rangers so dont really follow the sabers. I do route for them when not playing rangers because I am a bills fan and Buffalo deserves a championship in any sport.

[trapezeus]

You're correct, Thurm. He sold the drilling rights on 75,000 acres. It simply gives him more liquidity (cash) to use in the Bills' bidding process, which is a huge help. He must have $2-3 Billion in cash now.

Who can stop him?
he's only worth 3 some billion. the difference btween 2 and 3 billion in cash is a lot of interest. for a mega corporation, maybe not. but for a family worth, it would be unreal if he really held even 2bn in cash for very long.

[THATHURMANATOR]

You're correct, Thurm. He sold the drilling rights on 75,000 acres. It simply gives him more liquidity (cash) to use in the Bills' bidding process, which is a huge help. He must have $2-3 Billion in cash now.

Who can stop him?

Yes totally agree there Jan!

[THATHURMANATOR]

he's only worth 3 some billion. the difference btween 2 and 3 billion in cash is a lot of interest. for a mega corporation, maybe not. but for a family worth, it would be unreal if he really held even 2bn in cash for very long.

Can we get verification there?

I have read that this 1.75 Billion is on top of his prior reported 3.3 billion dollar personal wealth. No one could can seem to confirm this though.

[Woodman]

[QUOTE=Jan Reimers;3972418]You're correct, Thurm. He sold the drilling rights on 75,000 acres. It simply gives him more liquidity (cash) to use in the Bills' bidding process, which is a huge help. He must have $2-3 Billion in cash now.

Who can stop him? /QUOTE]

NOBODY!!

[Jan Reimers]

he's only worth 3 some billion. the difference btween 2 and 3 billion in cash is a lot of interest. for a mega corporation, maybe not. but for a family worth, it would be unreal if he really held even 2bn in cash for very long.

I would think that his net worth at this point is approaching $4 Billion, assuming some of his businesses - the sports agency, the Sabres, and his gas and oil assets - have likely increased in value since he sold out to Shell a few years ago. And I would think that some of his money may be in stocks and bonds, which can easily be converted to cash. He has also shown that his drilling rights can be sold fairly easily, so I would think that $2-3 Billion in liquid assets - while not all cash - is a reasonable assumption.

[Buffalogic]

How does one have all these oil and gas assets? Must be nice...

[Tiburon1724]

He could also single-handedly build a stadium with no taxpayer money needed...if he wanted to!

[djjimkelly]

perfect amount to buy the team and affect nothing else in his life

[djjimkelly]

he or someone in his blood line realized land is the only thing u cannot make more of and bought a bunch. its my plan too just on a much smaller scale :)