The Buffalo Sabres could possibly be under new ownership. Terrance Pegula of Pennsylvania is considered to be highly interested in purchasing the Sabres. A report earlier today came out that he signed a letter of intent to buy the team from now owner Thomas Golisano. The deal was supposedly to be about $150 million dollars.
Terry Pegula is a huge hockey fan who recently donated $88 million to Penn St. to help them build a hockey arena for their new D-1 hockey team. Pegula’s wife is from Buffalo and is an avid Sabres fan. Pegula is reportedly is a net worth of $3 billion. Sabres were ranked as the 23rd in net worth last year valued at $170 million.
Thomas Golisano who bought the team and saved the Sabres in 2003 when he bought them for $97 million and saved them from bankruptcy. Golisano will always be remembered for saving the Sabres and keeping them in Buffalo but still never bringing a Stanley Cup to the city.
Many people have criticized how Golisano doesn’t spend to the cap because the team would not be able to make money if they don’t go as far as needed in the playoffs.
The deal is very interesting as bringing in a new owner to the Sabres franchise who might spend to the cap. A new owner could spend to the cap and bring in a high profile name to Buffalo instead of only spending up to 52 million with 6 million in cap to spare. This could mean a much more competitive team in the league who is willing to spend more money and be able to keep players in Buffalo unlike Drury and Briere
However earlier today, Larry Quinn who is part owner with Golisano, denied that Pegula filed a letter of intent to purchase the team and said they were not for sale.
Ownership moves and team sales are usually not rumored that often in the NHL unless they have many reliable sources behind them.
Stay tuned to the coverage and the progress of how these reports in the next few days.