Who Are Terry and Kim Pegula
Terry and Kim Pegula are an American billionaire couple who built their wealth through energy and real estate investments. Terry Pegula, born in 1951, founded East Resources, a natural gas company that made him one of the wealthiest individuals in the United States before its sale. Kim Pegula, born in 1969, is a Korean-born American businesswoman and co-owner of the family's sports and entertainment holdings. Together, they manage a diversified portfolio spanning professional sports, energy, and real estate through their private holding company, Pegula Sports and Entertainment, and their investment firm, Seven Springs Energy. Their combined net worth was estimated at over $7 billion in 2024, placing them among the richest families in New York State.
Their primary business vehicle, Pegula Sports and Entertainment, controls several major professional and collegiate sports franchises. The couple acquired the Buffalo Bills of the National Football League in 2014 for a reported $1.4 billion, ending the franchise's long search for a local owner. They also own the Buffalo Sabres of the National Hockey League and the Rochester Americans of the American Hockey League. In addition, they control the Buffalo Beauts of the Premier Hockey Federation and the Rochester Knighthawks of the National Lacrosse League. Their portfolio extends to the Harborcenter development in Buffalo, a multi-use complex featuring an ice rink, hotel, and retail space that serves as a hub for hockey and community events.
Terry Pegula's Energy and Real Estate Legacy
Terry Pegula's fortune originates from the discovery and development of natural gas reserves in the Appalachian region. He founded East Resources Inc., which became one of the largest privately held companies in the Marcellus Shale play. In 2010, he sold East Resources to Royal Dutch Shell for a deal valued at approximately $4.7 billion, a transaction that generated massive capital for reinvestment. The sale was structured to avoid the typical private equity divestiture model, allowing the Pegulas to retain significant control over their new capital deployment. The transaction was reviewed by regulatory bodies, and details were reported by financial news outlets covering the energy sector and major mergers and acquisitions.
After the sale, Terry Pegula pivoted to real estate and sports investment through his firm, Seven Springs Energy. The company focuses on acquiring and developing commercial and residential properties across the United States. The Pegulas also established a significant presence in the hospitality sector, including the development of the LECOM Harborcenter, a 180,000 square foot complex in downtown Buffalo that includes two NHL-sized ice rinks and a Marriott hotel. Their real estate activities extend to the development of the Pegula Ice Arena at Penn State University, a major collegiate sports facility funded through their philanthropic arm. The couple's investment strategy emphasizes long-term asset holding and community-focused development rather than short-term speculation.
Ownership Structure and Philanthropy
The ownership of the Buffalo Bills and other Pegula assets is held through a complex family trust structure designed to ensure long-term stability. The National Football League approved the sale of the Bills to a group controlled by Terry and Kim Pegula in 2014, with the transaction valued at $1.4 billion. The NFL's ownership rules require that the controlling owner must hold a 30 percent stake, and the Pegulas structured their ownership to comply with these league regulations. The team's operations are run from Highmark Stadium in Orchard Park, New York, where the franchise has invested in facility upgrades and community programs. The Pegulas have also expanded their sports holdings to include a stake in the Pittsburgh Penguins of the National Hockey League through a minority ownership group.
The Pegula family is also known for significant philanthropic contributions, primarily through the Pegula Foundation. Their donations have focused on healthcare,