Terry Pegula made most of his money in the oil and gas business, then grew his wealth further by buying and developing major sports franchises and related assets.

Core story: how he got rich

  • In 1983, Pegula founded East Resources , a natural-gas drilling company, reportedly starting with about $7,500 from family and friends.
  • He focused on natural gas in places like Pennsylvania and New York and later benefited heavily from shale gas and fracking in the Marcellus Formation, which turned East Resources into a highly valuable energy player.
  • In 2010, he sold most of East Resources’ assets to Royal Dutch Shell for around $4.7 billion , instantly turning him into a multi‑billionaire.
  • In 2014, he sold additional oil and gas assets in Ohio and West Virginia for about $1.75 billion , further boosting his net worth.

So the foundation of his fortune is a classic “built and sold an energy company at the right time” story, tied directly to the U.S. shale boom.

Sports empire and later wealth

  • After cashing out of East Resources, Pegula began buying sports teams through Pegula Sports and Entertainment.
  • In 2011, he bought the Buffalo Sabres (NHL) and the Buffalo Bandits (NLL) for about $189 million total.
  • In 2014, he purchased the Buffalo Bills (NFL) for about $1.4 billion in cash , beating bids from other high‑profile groups.
  • He has also owned or controlled teams like the Rochester Americans (AHL) and briefly the Buffalo Beauts of the NWHL, building a regional “One Buffalo” sports brand.

These sports assets have appreciated significantly, so a growing slice of his current wealth now comes from team values and related business operations rather than from active oil and gas drilling.

Quick FAQ style breakdown

  • How did Terry Pegula make his money?
    Mainly by founding and then selling East Resources, a natural gas company, for billions during the shale boom.
  • Was it inherited wealth?
    No. His wealth is broadly described as self‑made, starting from a small stake and scaling in energy.
  • What keeps his net worth growing now?
    Appreciation of the Buffalo Bills and Sabres, plus diversified investments and remaining energy interests.

Information gathered from public forums or data available on the internet and portrayed here.