Terry Pegula spent his early career on oil rigs and drilling sites, not in boardrooms. Yet the company he built from a small loan eventually sold for billions, and he used that money to buy two of Buffalo’s most beloved sports franchises.
Today, most people know him as the owner of the Buffalo Bills and Buffalo Sabres. Fewer know that he spent nearly three decades in the natural gas business before he ever bought a team, or that his path to sports ownership started with a hockey purchase, not a football one.
This article walks through his full story: how he grew up, how he built East Resources into one of the largest private natural gas companies in the country, how he became an NFL and NHL owner, and where his net worth and business interests stand today.
Who Is Terry Pegula?
Quick Biography
Terrence Michael Pegula was born on March 27, 1951, in Carbondale, Pennsylvania, a small coal-mining town in the northeastern part of the state. He studied petroleum and natural gas engineering at Penn State University, then spent several years working for other companies before founding his own, East Resources, in 1983.
Pegula grew East Resources into one of the largest privately held natural gas companies in the United States, primarily through drilling in the Marcellus Shale region. In 2010, he sold most of the company to Royal Dutch Shell in a deal worth billions. He used that money to buy the Buffalo Sabres in 2011 and the Buffalo Bills in 2014, becoming one of the few people in American sports to own teams in two major leagues at once.
Why Is Terry Pegula Famous?
Pegula is best known today for two things: building a natural gas fortune from a $7,500 family loan, and using that fortune to buy and keep the Buffalo Bills and Sabres in Western New York at a time when both teams could easily have left the region. His decision to build a new $2.1 billion stadium for the Bills, which opened in 2026, cemented his role as one of the most consequential figures in Buffalo sports history.
Terry Pegula Quick Facts
Personal Information
| Detail | Information |
|---|---|
| Full Name | Terrence Michael Pegula |
| Date of Birth | March 27, 1951 |
| Age | 75 (as of 2026) |
| Birthplace | Carbondale, Pennsylvania, USA |
| Nationality | American |
| Education | Scranton Preparatory School; Penn State University (B.S., Petroleum and Natural Gas Engineering, 1973) |
| Occupation | Businessman, energy entrepreneur, sports team owner |
| Marital Status | Married to Kim Pegula |
| Children | Several, including professional tennis player Jessica Pegula |
Professional Overview
| Detail | Information |
|---|---|
| Known For | Founder of East Resources; owner of the Buffalo Bills and Buffalo Sabres |
| Current Position | Owner, CEO, and President, Buffalo Bills; Owner, Buffalo Sabres |
| Major Companies | East Resources (sold 2010), JKLM Energy, Pegula Sports and Entertainment |
| Sports Teams Owned | Buffalo Bills (NFL), Buffalo Sabres (NHL), Buffalo Bandits (NLL), Rochester Americans (AHL), Rochester Knighthawks (NLL) |
| Estimated Net Worth | Multiple billions of dollars; Forbes placed his real-time net worth at roughly $9.3 billion in early 2026, though estimates vary by source and change with market conditions |
Early Life and Education
Childhood and Family Background
Pegula grew up in a working-class household. His father worked as a truck driver and coal miner, and his mother came from Montreal, Quebec. That background in a coal town shaped a hands-on, practical approach that carried into his engineering career and, later, his business decisions.
Growing Up in Carbondale, Pennsylvania
Carbondale sits in the Lackawanna Valley, an area with a long history of coal mining. Pegula attended Scranton Preparatory School, graduating in 1969, before heading to Penn State.
Education at Penn State University
Pegula entered Penn State as a math major but was accepted into the university’s Petroleum and Natural Gas Engineering program, a field that would define the next three decades of his career.
Petroleum and Natural Gas Engineering Degree
He graduated from Penn State in 1973 with a Bachelor of Science in Petroleum and Natural Gas Engineering, a degree that gave him the technical grounding to work directly in the oil and gas fields rather than purely in management.
Early Career
First Job at Getty Oil
Pegula’s first job out of college was with Getty Oil in Victoria, Texas, where he worked as an engineer in the field.
Experience at Felmont Oil Company
He later joined Felmont Oil Company as an area engineer, a move that brought him to Olean, New York, in 1975. This period gave him direct, on-the-ground experience with drilling operations in the region where he would eventually build his own company.
Lessons That Shaped His Career
Working for other companies before starting his own gave Pegula a close look at how oil and gas operations ran, and where he thought he could do things differently. That experience became the foundation for East Resources.
Building His Energy Business Empire
Founding East Resources
In 1983, Pegula founded East Resources with a $7,500 loan from family and friends to drill sand wells. It was a modest start for a company that would eventually become one of the largest private natural gas producers in the country.
Growing One of America’s Largest Private Energy Companies
East Resources expanded steadily, focusing first on conventional oil and gas wells before shifting attention to natural gas, particularly in the Marcellus Shale formation across Pennsylvania and New York.
Sale of East Resources to Royal Dutch Shell
In 2010, Pegula sold the Pennsylvania, New York, and Rocky Mountain assets of East Resources to Royal Dutch Shell for approximately $4.7 billion, one of the largest deals of its kind at the time.
Launch of HG Energy
Following the sale, Pegula redirected some of his energy holdings and interests into new ventures rather than exiting the industry entirely.
Establishing JKLM Energy
Pegula later founded JKLM Energy, continuing his involvement in natural gas exploration and production even after stepping back from East Resources.
Terry Pegula’s Business Ventures
JKLM Energy
JKLM Energy represents Pegula’s continued presence in the natural gas business after the Shell sale, keeping him active in the industry that built his fortune.
Family Business Operations
Pegula’s businesses have largely stayed within the family structure, with his wife Kim playing a central operational role, particularly once the family moved into sports ownership.
Other Investments and Business Interests
In 2014, Pegula sold additional Ohio and West Virginia assets of East Resources to American Energy Partners for $1.75 billion, further consolidating his focus on sports and entertainment ventures.
Terry Pegula’s Sports Ownership Career
Purchasing the Buffalo Sabres
In February 2011, Terry and Kim Pegula bought the NHL’s Buffalo Sabres for $189 million, a purchase that also included the Buffalo Bandits of the National Lacrosse League. It marked their entry into professional sports ownership.
Acquiring the Buffalo Bills
On October 8, 2014, the Pegulas received unanimous approval from NFL owners to buy the Buffalo Bills for a reported $1.4 billion, succeeding the family of the late Ralph C. Wilson Jr. Their bid beat out competing groups, including one led by Donald Trump and another backed by Jon Bon Jovi.
Ownership of the Buffalo Bandits
The Bandits came as part of the Sabres purchase in 2011, giving the Pegulas ownership of a National Lacrosse League franchise alongside their NHL team.
Rochester Americans Affiliation
Later in 2011, the Pegulas purchased the Rochester Americans, the Sabres’ AHL affiliate, restoring a long-standing relationship between the two organisations.
Vision for Professional Sports
Pegula has described sports ownership as a way to give back to the Western New York community, and his willingness to keep both teams in Buffalo, rather than relocating them, has been central to his public reputation in the region.
The New Highmark Stadium Project
Stadium Agreement
Pegula worked with New York State, Erie County, and the NFL to negotiate a deal for a new Buffalo Bills stadium, with public funding forming a significant part of the roughly $2.1 billion project.
Pegula’s Leadership Role
As the team’s owner, Pegula was directly involved in the negotiations and design decisions that shaped the new venue, from seating capacity to playing surface.
Design and Construction
Construction began in 2023, and the new Highmark Stadium officially opened in June 2026 with a ribbon-cutting ceremony attended by Pegula, New York Governor Kathy Hochul, and other officials. The stadium seats 60,108 fans, smaller than the old venue, and features a natural grass playing surface along with what is described as the largest snow-removal system installed in any sports venue.
Future Impact on Buffalo
The Bills played their first regular-season game at the new stadium on September 17, 2026, against the Detroit Lions, closing out a chapter that began with the old stadium’s demolition earlier that year.
Contributions to Hockey and Sports Development
Pegula Ice Arena
In 2010, the Pegulas donated $102 million to Penn State to build the Pegula Ice Arena, a gift that helped bring Division I hockey to the university and contributed to the formation of the Big Ten Hockey Conference.
LECOM Harborcenter
The Pegulas also built LECOM Harborcenter in downtown Buffalo, a more than $200 million complex that includes two NHL-sized rinks, training facilities, restaurants, and a full-service hotel, located next to the Sabres’ home arena.
Hosting Major Hockey Events
Through their ownership entities, the Pegulas have helped bring major events to the region, including NHL Drafts, the World Junior Championships, and NCAA Frozen Four tournaments.
Impact on Buffalo’s Sports Community
Between the stadium project, the arena complex, and continued investment in youth and amateur hockey, the Pegulas have shaped Buffalo’s sports facilities well beyond the professional level.
Terry Pegula Net Worth
Estimated Net Worth
Terry Pegula’s net worth is estimated in the multiple billions of dollars, though the exact figure varies depending on the source and the date of the estimate, since much of his wealth is tied to franchise valuations and past business proceeds rather than a fixed cash figure. Forbes placed his real-time net worth at approximately $9.3 billion in early 2026.
Primary Sources of Income
His wealth originated with the sale of East Resources to Royal Dutch Shell in 2010 for roughly $4.7 billion, followed by the 2014 sale of additional assets for $1.75 billion. Since then, his net worth has been shaped largely by the rising value of the Buffalo Bills and Buffalo Sabres franchises.
Major Assets and Investments
Beyond the two major franchises, his holdings include the Buffalo Bandits, Rochester Americans, Rochester Knighthawks, LECOM Harborcenter, and JKLM Energy.
Wealth Growth Timeline
Pegula’s estimated net worth has grown substantially since his 2010 exit from East Resources, largely tracking the rising valuations of NFL and NHL franchises rather than new business ventures.
Personal Life
Marriage to Kim Pegula
Terry Pegula is married to Kim Pegula, who has played a central role in the family’s sports and business operations, serving as president of both the Bills and Sabres and becoming the first woman to hold that title for teams in both leagues. In June 2022, Kim experienced a cardiac arrest and has since been working through a long recovery. The family has shared periodic updates describing her progress, and she has made public appearances with the team since then, though details about her condition have largely remained private out of respect for the family.
Children and Family Life
The Pegulas have several children, and the family has largely kept its personal life away from the spotlight outside of sports-related appearances.
Jessica Pegula’s Tennis Career
Their daughter, Jessica Pegula, is a professional tennis player who has reached the top ranks of the sport, giving the family a visible presence in professional tennis alongside their football and hockey ownership.
Balancing Business and Family
With Kim historically overseeing business operations for both franchises and Terry focused on ownership and strategic decisions, the family has run its sports holdings as a shared operation rather than a one-person venture.
Leadership Style and Business Philosophy
Entrepreneurial Mindset
Pegula’s background as an engineer who started his own company from a small loan has shaped a leadership style rooted in practical, ground-level experience rather than inherited wealth or finance-first thinking.
Approach to Sports Ownership
Rather than treating his teams purely as investments, Pegula has consistently framed ownership as tied to community commitment, most visibly through his refusal to consider relocating either franchise and his investment in a new stadium built specifically for Buffalo.
Vision for Long-Term Growth
The new stadium, continued investment in hockey development, and ongoing involvement in NFL committee work suggest a long-term approach focused on keeping both franchises competitive and rooted in Western New York.
Philanthropy and Community Contributions
Penn State Donation
The $102 million gift to Penn State for the Pegula Ice Arena stands as one of the largest athletic donations in the university’s history and helped establish varsity hockey there.
COVID-19 Relief Efforts
The Pegula family and their organisations contributed to regional relief efforts during the COVID-19 pandemic, part of a broader pattern of community support tied to their ownership groups.
Support for Buffalo Community
Beyond sports facilities, the Pegulas have been active in local charitable efforts through Pegula Sports and Entertainment, supporting causes across Western New York.
Charitable Giving and Legacy
Between the Penn State donation, the Houghton University gift toward the Kerr-Pegula Sports Complex, and ongoing community programs, the Pegulas have built a philanthropic record centred on sports and education.
Awards and Recognition
Tank Younger Award
In 2016, Terry and Kim Pegula received the Tank Younger Award, which recognises significant contributions toward diversity within the NFL.
NFL Committee Memberships
Pegula has served on multiple NFL committees over the years, including the Health and Safety Committee and the Business Ventures Committee.
Business and Community Honours
Pegula received a Lifetime Achievement Award from the Western New York chapter of the National Football Foundation in 2016 and was named Buffalo’s Business Person of the Year by Buffalo Business First in 2018. In 2024, he was inducted into the Scranton Preparatory School Athletics Hall of Fame.
Interesting Facts About Terry Pegula
First Job
His first job after college was as an engineer for Getty Oil in Victoria, Texas.
High School
Pegula graduated from Scranton Preparatory School in 1969 and was later inducted into its Athletics Hall of Fame in 2024.
Multi-League Ownership
Pegula is one of a small number of people in American sports history to own controlling stakes in both an NFL team and an NHL team at the same time.
Personal Preferences
Pegula has kept most details about personal interests such as favourite films, music, or books out of public reporting, unlike his business and sports activities, which are extensively documented.
Terry Pegula’s Lasting Legacy
Impact on the Energy Industry
Pegula built East Resources into a major player in Marcellus Shale development before selling it at the right moment, a decision that funded everything that followed.
Influence on Professional Sports
By buying and keeping both the Bills and Sabres in Buffalo, and by funding a new stadium rather than threatening relocation, Pegula reshaped what long-term ownership looks like in a smaller media market.
Contributions to Buffalo
From LECOM Harborcenter to the new Highmark Stadium, Pegula’s investments have physically changed Buffalo’s sports landscape over the past 15 years.
Future Outlook
With the new stadium now open and both franchises performing well financially, Pegula’s next chapter will likely centre on team performance and eventual succession planning within the family.
Conclusion
Terry Pegula’s story runs from a coal-mining town in Pennsylvania to ownership of two major professional sports franchises, built on a natural gas company he started with a $7,500 loan. His decision to keep the Bills and Sabres in Buffalo, and to invest billions in a new stadium rather than look elsewhere, has made him one of the most significant figures in the city’s modern history.
His influence now extends well beyond business, touching hockey development at Penn State, youth sports across Western New York, and the future of professional football in Buffalo for decades to come.
FAQs
Who is Terry Pegula?
Terry Pegula is an American businessman who founded the natural gas company East Resources and now owns the Buffalo Bills and Buffalo Sabres.
What is Terry Pegula’s net worth?
Estimates place his net worth in the multiple billions of dollars, with Forbes reporting a real-time figure of approximately $9.3 billion in early 2026. Exact figures vary by source.
How did Terry Pegula make his money?
He built and sold East Resources, a natural gas company, to Royal Dutch Shell in 2010 for roughly $4.7 billion, then sold additional assets in 2014 for $1.75 billion.
What companies does Terry Pegula own?
He currently holds interests in JKLM Energy and leads Pegula Sports and Entertainment, which oversees his sports franchises.
Which sports teams does Terry Pegula own?
He owns the Buffalo Bills (NFL), Buffalo Sabres (NHL), Buffalo Bandits (NLL), Rochester Americans (AHL), and Rochester Knighthawks (NLL).
Who is Terry Pegula’s wife?
His wife is Kim Pegula, who has served as president of both the Bills and Sabres.
Is Jessica Pegula Terry Pegula’s daughter?
Yes, Jessica Pegula, a professional tennis player, is Terry and Kim Pegula’s daughter.
What is JKLM Energy?
JKLM Energy is a natural gas company Pegula founded after selling most of East Resources to Royal Dutch Shell.
What is East Resources?
East Resources was the natural gas company Pegula founded in 1983, which grew into one of the largest private natural gas producers in the United States before its sale in 2010.
What philanthropic work has Terry Pegula done?
He and Kim donated $102 million to build the Pegula Ice Arena at Penn State and have supported additional causes across Western New York through their ownership groups.
What awards has Terry Pegula received?
He has received the Tank Younger Award for contributions to diversity in the NFL, a Lifetime Achievement Award from the National Football Foundation’s Western New York chapter, and recognition as Buffalo’s Business Person of the Year.
Where does Terry Pegula live?
Reporting indicates the Pegula family has residences in both Western New York and Florida.
