Reports: Penn Stater Pegula Signs Deal for Buffalo Sabres

Penn State alumnus Terrence M. Pegula has signed a purchase agreement to buy the Buffalo Sabres from current majority owner Tom Golisano, online reports suggest.

Unidentified sources cited by TSN.ca said that Pegula signed the agreement Monday. The website notes that Pegula reportedly will spend $189 million to buy the hockey team.

TSN.ca also reports that Pegula would need approval from the NHL Board of Governors if the transaction is to be completed.

A separate report, posted by Business Insider, indicates that Pegula’s wife, Kim Pegula, grew up in western New York and ‘is a huge Sabres fan.’ The Canada-based Globe and Mail is reporting that Golisano will announce the team’s sale on Thursday.

In Pennsylvania, the Pegulas, of Boca Raton, Fla., have committed $88 million to Penn State for the creation of a Division I hockey program and accompanying elements there. That commitment was announced in September, a couple months after Terry Pegula’s East Resources energy company was sold for $4.7 billion.

On another front Monday, the Buffalo News reported that East Resources ‘had a middling record of complying with environmental regulations in Pennsylvania.’

Earlier coverage

• Penn State Aims to Become National Model with Hockey Program, Spanier Says (Sept. 17, 2010)

• Penn State Trustees: Design Firms Named for Ice Arena (Nov. 5, 2010)