What Happened to Pegula Sports and Entertainment?
Pegula Sports and Entertainment (PSE) was a holding company established by Terry and Kim Pegula to manage their extensive portfolio of sports and entertainment assets, including the Buffalo Bills (NFL) and Buffalo Sabres (NHL). The company was dissolved on August 28, 2023, following an organizational restructuring and due to Kim Pegula's significant health challenges. The Bills and Sabres now operate as separate entities under Terry Pegula's direct ownership and presidency, while major projects like the new Bills stadium continue to progress.
Quick Answer
Pegula Sports and Entertainment (PSE) was dissolved on August 28, 2023, by owner Terry Pegula, leading the Buffalo Bills and Buffalo Sabres to operate as separate organizations. This restructuring was prompted by Kim Pegula's incapacitation due to a cardiac arrest in June 2022, which severely impacted her ability to serve as president and CEO. Terry Pegula now directly oversees both franchises, which are currently managing the construction of a new Bills stadium set to open in 2026 and planning upgrades for the KeyBank Center.
📊Key Facts
📅Complete Timeline14 events
Terry Pegula Purchases Buffalo Sabres and Buffalo Bandits
Terry Pegula acquires the NHL's Buffalo Sabres and NLL's Buffalo Bandits for $189 million, marking his entry into professional sports ownership.
Pegula Sports and Entertainment (PSE) Formed
Terry and Kim Pegula officially establish Pegula Sports and Entertainment to consolidate their growing sports and entertainment assets.
Pegulas Purchase Buffalo Bills
Terry and Kim Pegula acquire the NFL's Buffalo Bills for $1.4 billion, becoming only the second owners in the franchise's history.
PSE Acquires Buffalo Beauts
Pegula Sports and Entertainment expands its portfolio by acquiring the Buffalo Beauts of the National Women's Hockey League (NWHL).
Deal Reached for New Bills Stadium
A deal is announced between New York State, Erie County, and the Pegulas for a new $1.4 billion Buffalo Bills stadium, with a targeted completion date of 2026.
Kim Pegula Suffers Cardiac Arrest
Kim Pegula experiences a cardiac arrest, leading to severe and ongoing health issues, including significant language and memory impairment.
Groundbreaking for New Bills Stadium
An official groundbreaking ceremony is held for the new Buffalo Bills stadium, with construction commencing later that month. It is announced the stadium will be named 'New Highmark Stadium' until completion in 2026.
Pegula Sports and Entertainment Dissolved
Terry Pegula dissolves Pegula Sports and Entertainment, stating the Bills and Sabres will operate as separate organizations. He assumes the role of president for both franchises.
Kim Pegula's Stake in Bills Restructured
Due to Kim Pegula's incapacitation, her stake in the Buffalo Bills is placed into an estate, with portions sold to daughter Laura Pegula, private equity firm Arctos Partners, and other investors.
Pegula Divests Rochester Knighthawks
Terry Pegula sells the Rochester Knighthawks of the National Lacrosse League to the Seneca Nation of Indians.
Pegula Family Acquires Minor League Baseball Team
The Pegula family, through PBN Holdings, expands its sports portfolio by acquiring an undisclosed minor league baseball team.
Bills Fire Sean McDermott, Promote Joe Brady
Following another playoff exit, Terry Pegula fires Buffalo Bills head coach Sean McDermott after nine seasons and promotes offensive coordinator Joe Brady to head coach.
Buffalo Sabres to Host NHL Draft
The NHL announces that the Buffalo Sabres will host the National Hockey League draft in June 2026 at KeyBank Center.
Jessica Pegula Competes in WTA Charleston Open
Jessica Pegula, daughter of Terry and Kim Pegula, reaches the quarter-finals of the WTA Charleston Open, continuing her successful professional tennis career.
🔍Deep Dive Analysis
Pegula Sports and Entertainment (PSE) was founded in 2012 by billionaire Terry Pegula and his wife, Kim Pegula, to consolidate their growing sports and entertainment ventures. The company's portfolio included the National Football League's Buffalo Bills, acquired in 2014 for $1.4 billion, and the National Hockey League's Buffalo Sabres, which Terry Pegula purchased in 2011 for $189 million. PSE also managed other teams like the Buffalo Bandits (NLL), Rochester Americans (AHL), and briefly the Buffalo Beauts (NWHL), along with real estate assets like LECOM Harborcenter and media properties such as Black River Entertainment.
A significant turning point for PSE and the Pegula family occurred in June 2022 when Kim Pegula suffered a cardiac arrest. This medical emergency led to severe health issues, including significant language and memory problems, and she was later declared legally incapacitated in 2023. Kim Pegula had been a highly visible and active president and CEO of PSE, playing a crucial role in both the Bills and Sabres organizations, and her incapacitation created a void in leadership.
On August 28, 2023, Terry Pegula announced the dissolution of Pegula Sports and Entertainment. This decision was attributed to organizational restructuring, with Terry Pegula stating it was time for the Bills and Sabres to operate as "separate organizations" to allow a singular focus on their respective efforts. Terry Pegula subsequently appointed himself president of both franchises, a role previously held by his wife. The dissolution also saw some assets, like the Rochester Knighthawks, divested in 2025 to the Seneca Nation of Indians.
As of April 3, 2026, Pegula Sports and Entertainment no longer exists as a unified entity. Terry Pegula continues to own and serve as president of the Buffalo Bills and Buffalo Sabres. The Buffalo Bills are on track to open their new $1.7 billion Highmark Stadium in Orchard Park for the 2026 NFL season, a project that received significant public funding. Kim Pegula continues her recovery, making limited public appearances but showing signs of progress. The Sabres, valued at $1.36 billion in October 2025, are under pressure to end a long playoff drought, with some analysts questioning Terry Pegula's management of the hockey franchise. In January 2026, Terry Pegula fired Bills head coach Sean McDermott and promoted Joe Brady. The Pegula family also expanded their sports holdings in October 2025 by acquiring a minor league baseball team through PBN Holdings.
What If...?
Explore alternate histories. What if Pegula Sports and Entertainment made different choices?