It was reported Monday that at least three ownership groups had submitted bids to buy the Bills, including Pegula and his wife Kim, a group led by real estate mogul Donald Trump and another group that included rock star Jon Bon Jovi. The Pegulas were reportedly the front runners due to their local ties and commitment to keeping the Bills in Buffalo.
Pegula, who made his fortune largely through natural gas development, has owned the Sabres since February 2011. In the three seasons since Pegula took over, the team's winning percentage has declined each season, with the team finishing with the lowest points total in the Eastern Conference in 2013-14.
Pegula also owns the Rochester Americans of the American Hockey League and the Buffalo Bandits of the National Lacrosse League, and in 2011 donated $100 million to alma mater Penn State to help fund the creation of men's and women's varsity hockey programs and a new ice arena named for him.
The sale is reportedly expected to exceed $1 billion. The Pegulas are worth a reported $3.5 billion.
Former longtime Bills owner Ralph Wilson died in March.
- Ben Estes