Bills Bidder Pegula closes on $1.75 deal

August 5, 2014 Updated Aug 5, 2014 at 8:54 PM EDT

By WKBW Sports

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Credit: Sabres.nhl.com

Bills Bidder Pegula closes on $1.75 deal

August 5, 2014 Updated Aug 5, 2014 at 8:54 PM EDT

BUFFALO, N.Y. (AP) - Terry Pegula's bottom line has received a big bump in his bid to purchase the Buffalo Bills.

The Buffalo Sabres owner closed on a $1.75 billion deal to sell the drilling rights on about 75,000 acres of land in Ohio and West Virginia to American Energy on Tuesday. The sale was announced by American Energy and in a release issued by PR Newswire.

The agreement between Pegula's East Resources Inc. and Oklahoma-based American Energy was first reached in June.

The sale comes at a time when Pegula and wife Kim are among several prospective ownership groups that have submitted initial, non-binding bids to buy the Bills. The team is for sale after owner Ralph Wilson died in March.

Pegula's net worth was last estimated by Forbes to be $3.3 billion.

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