Updated: Wednesday, 01 Dec 2010, 4:33 PM EST
Published : Tuesday, 30 Nov 2010, 10:40 AM EST
BUFFALO, N.Y. (WIVB) - There is much speculation over the Buffalo Sabres, Tuesday morning. Could a sale be in the works?
According to TheHockeyNews.com , Pennsylvanian billionaire Terry Pegula is making his intentions to buy the Buffalo Sabres official.
The website reports that Pegula has signed a letter of intent to buy the Sabres from Tom Golisano for $150 million.
However, the Buffalo Sabres say there has been no letter.
Buffalo Sabres Managing Partner/Minority Owner Larry Quinn in response to The Hockey News report that a letter of intent has been signed to sell the Buffalo Sabres- “Reports regarding the sale of the Buffalo Sabres tend to surface from time to time. There have been several inquiries in the past few years regarding this subject. Our company policy is we do not comment on them because people make inquiries all the time. Some of these inquiries are serious, some are not, some make the media and others do not. The report that a $150 million letter of intent has been signed is simply not true.”
Billionaire Terrence Pegula is the founder and former president of East Resources, an independent oil and gas producer based in Pennsylvania.
The company was sold last summer for nearly $5 billion.
He holds a B.S. in petroleum and natural gas engineering from Penn State.
Pegula, whose wife Kim is from western New York, has 35 years of experience in the oil and natural gas industry. He was previously employed by Getty Oil and Felmont Oil.
Pegula was born and raised in Pennsylvania, and recently donated $88 million to Penn State to help fund a new hockey program and arena.
You'll recall, current Sabres owner Tom Golisano pulled the franchise out of bankruptcy for $92 million in 2003. Prior to that, the NHL had been operating the team for a period of time.