Skip to main content

Pegulas’ bid to buy Bills OK’d by NFL committee

By WTOP Staff

JOHN WAWROW
AP Sports Writer

ORCHARD PARK, N.Y. (AP) — Terry and Kim Pegula are one big step closer to owning the Buffalo Bills.

The husband-and-wife team that owns the NHL Buffalo Sabres had its NFL-record $1.4 billion purchase agreement to buy the Bills approved unanimously by the league’s finance committee on Wednesday.

“This is a very big step,” NFL executive vice president Eric Grubman said after announcing the results of the committee’s vote, which took place at the league’s headquarters in New York.

The vote clears the way for NFL owners to formally approve the sale at league meetings on Oct. 7-8. The Pegulas will require three-quarters majority approval from the 32 owners, including the trust overseeing late Bills owner Ralph Wilson’s estate.

Terry Pegula made a brief statement confirming the committee’s approval, but declined to go into detail because the sale process is not complete.

“As far as I can say, we’re not NFL owners until that vote is approved, and we’ll have no further comments,” he said.

The thumbs-up from the finance committee comes a little over a week after Wilson’s estate reached a “definitive agreement” to sell the team to the Pegulas. The agreement came a day after the Pegulas were among at least three prospective ownership candidates — including a Toronto-based group led by rocker Jon Bon Jovi — submitted formal bids. New York City real estate mogul Donald Trump also submitted a bid.

The Bills were on the market after Wilson, the Hall of Fame team founder, died in March.

The Pegulas have begun preparing themselves to become NFL owners.

A person familiar with the situation told The Associated Press that the Pegulas have relinquished their involvement and are divesting their interest in Five Star Athlete Management, an Atlanta-based sports agency that represents NFL players.

The person spoke on the condition of anonymity because the Pegulas have not announced their plans publicly.

Terry Pegula acquired the high-profile firm headed by Todd France in 2011.

NFL rules prevent owners from being involved in firms that represent league players.

Though Terry Pegula is listed as the Sabres owner, his wife oversees numerous areas of the operation.

Kim Pegula has played a key role in spear-heading the family’s purchase of the Bills, including spending an afternoon touring Ralph Wilson Stadium in August. She 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 $3.5 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.

Pegula has since wasted little time spending a portion of that fortune on his two passions: Penn State, his alma mater, and hockey. He donated more than $100 million to build an ice arena at Penn State to establish the Nittany Lions’ Division I men’s and women’s hockey programs.

Aside from purchasing the Sabres, Pegula invested $172 million to build a hockey/entertainment complex called HarborCenter across from the Sabres’ arena in downtown Buffalo.

The Pegulas then took a highly aggressive approach in their bid to buy the Bills and ensure they stay in western New York, amid concerns the franchise could potentially relocate to Toronto or Los Angeles.

The Pegulas were celebrated by fans attending the Bills’ home-opening 29-10 win over Miami on Sunday. Many fans carried signs and wore T-shirts paying tribute to the Pegulas.

Numerous local businesses have even bought ads in local newspapers thanking the Pegulas for their commitment to the Bills and Buffalo.

They also have the support of area politicians, including U.S. Sen. Charles Schumer.

“Over the past week, I spoke with a number of owners on the committee, including chairman Bob McNair, and made sure they understood how serious the Pegulas are about keeping the Bills in western New York,” Schumer said in a released statement. “I will continue to work over the weeks ahead to ensure that the Pegulas’ ownership of the team, and the Bills’ future in western New York, are approved by the rest of the league.”

Gov. Andrew Cuomo referred to the unanimous vote as an “important milestone.”

___

AP NFL website: www.pro32.ap.org and www.twitter.com/AP_NFL

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
Read Next Story

Related News

Frustration grows in Venezuela as earthquake death toll reaches 1,430

Israel and Lebanon sign framework agreement with US in ‘first step’ toward peace, Rubio says

Trump-endorsed populist poised to become Colombia’s next president as rival challenges vote