It is official. According to multiple sources, Terry Pegula signed an official purchase agreement to buy the Buffalo Sabres from Tom Golisano for, a reported, $175 million plus $14 million in debt. (The Buffalo News report)
For those of you playing at home, that is $189 million – or %6.3 of Pegula’s wealth. To equate that number to a realistic figure, think of going to the mall and spending about $100, that is what this transaction represents to Pegula.
An announcement will be made at the Arena on Thursday and I would assume Pegula will take over full control before the trade deadline hits.
Now, Sabres fans everywhere are doing backflips at the idea that Pegula is going to throw money at every big-name free agent out there and snag a GM that will wheel and deal on the trade market. Don’t get ahead of yourself.
He is a savvy businessman with a passion for hockey. He will let his management team do their job and guide the franchise in the right direction. In a year or two I wouldn’t be surprised to see some big moves made, but they won’t be made right out of the blocks.
Be patient, wait for the deadline to come and lets see what (the newly extended) Darcy Regier will do. That might begin to paint the picture of how the new regime is going to operate down at HSBC Arena. Either way there is certainly cause for excitement, just don’t expect the world people.