After the 31 other team owners voted in favor of the Pegulas, the couple received a warm ovation. Their purchase also was lauded by New York politicians.
Kim Pegula is expected to have a high-ranking role with the Bills, working alongside current team president Russ Brandon.
Terry Pegula has a net worth valued of over $4.6 billion, and made his fortune in the natural gas industry. In 2010, he completed a deal to sell a large portion of his company East Resources' assets for $4.7 billion to Royal Dutch Shell.
"This is a significant step in us owning the team." Terry Pegula said. "There's a small matter of having to pay some money and we'll get that done."
NHL Commissioner Gary Bettman recently praised the Pegulas for their work with the Sabres.
The Pegulas,
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Longtime Bills owner Ralph Wilson died in March, prompting the sale.
That payment would be for $1.4 billion.
"If you asked me 10 years ago if I would own the Sabres and the Bills, I would have called you a liar," Pegula said. "I just got a hell of a deal. I own the team."
Buffalo sports fans were concerned the Bills could be moved out of state if purchased by another group. But the Pegulas are committed to the Buffalo area.
Pegula is from Carbondale, Pennsylvania,
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NEW YORK (AP)
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