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Pegula Sports Entertainment, behind the scenes

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12 minutes ago, IKnowPhysics said:

I, for one, am really glad Terry Pegula isn't Dan Snyder.

...and in the end, two different owners, but the same ***** results.

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1 hour ago, LabattBlue said:

...and in the end, two different owners, but the same ***** results.

Ummm, seeing as how they both own NFL franchises and that is the only direct comparison you can make between the two...

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Well, well, well.

https://buffalonews.com/news/pegula-plans-stock-sale-to-raise-300-million-to-buy-energy-businesses/article_b3f3ecae-cb69-11ea-aa20-9760c74f17cc.html#tracking-source=home-top-story-1

Buffalo Bills and Sabres owner Terry Pegula is looking to become a bigger player in the depressed oil and natural gas business.

Pegula, who sold much of his natural gas business a decade ago at the peak of the industry's shale boom, now is planning to sell stock in a new venture that would raise $300 million from investors to purchase oil and natural gas businesses at a time when the energy industry is reeling.

The new venture, called East Resources Acquisition Co., would be based in Pegula's hometown of Boca Raton, Fla. Pegula would be chairman, CEO and president of the new business, while his wife, Kim, would be a director. The Pegulas would own 20% of the new venture after the stock sale. All of the top executives in the new business currently are top officials at Pegula's other businesses.

 

Pegula's plan is to use the money raised through the stock sale to build an energy business at a time when the value of energy companies and oil and gas properties have plummeted.

+++

Not for nothing, I believe this is very much in-line with what someone posted upthread on this topic. Was it @JohnC?

Buy low, dontchaknow.

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7 minutes ago, IKnowPhysics said:

Makes sense.  As the world starts to spin again, these will be fast growing and lucrative industries again.  It's a good time to buy.

Yup

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This goes to the point, I think, that the family's still pretty closely linked to oil & gas.

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11 minutes ago, That Aud Smell said:

This goes to the point, I think, that the family's still pretty closely linked to oil & gas.

$300 million is not chump change, but compared to the $4 billion fortune when they largely got out of it, it's not a big deal.  The Pegula's are investing enough for a 20% stake.

IMO, they are not really very involved in the industry.  They are looking to make a few quick bucks, which is what business people do.  I will agree that while not very active, they are closely linked and have kept up good contacts in the oil and gas industry.  

Poor ol' Yuri's head must be spinning.

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I’m gonna be buying some oil and energy stocks soon.

I bought a couple stocks on the downturn a couple months ago. Today, I’m glad I did.

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16 minutes ago, New Scotland (NS) said:

$300 million is not chump change, but compared to the $4 billion fortune when they largely got out of it, it's not a big deal.  The Pegula's are investing enough for a 20% stake.

IMO, they are not really very involved in the industry.  They are looking to make a few quick bucks, which is what business people do.  I will agree that while not very active, they are closely linked and have kept up good contacts in the oil and gas industry.  

Poor ol' Yuri's head must be spinning.

I thought the 300 million was investor money.  They're basically using other peoples money (and some of their own) to acquire land and assets that they'll move later.  Buy for a dollar, sell for 2. 

16 minutes ago, Zamboni said:

I’m gonna be buying some oil and energy stocks soon.

I bought a couple stocks on the downturn a couple months ago. Today, I’m glad I did.

Yeah, i thought the same with airline stock when it tanked.  But all it takes is to invest in the one that goes belly up and all your money goes to hell - so i was a tad nervous. 

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22 minutes ago, Drag0nDan said:

Yeah, i thought the same with airline stock when it tanked.  But all it takes is to invest in the one that goes belly up and all your money goes to hell - so i was a tad nervous. 

Did the same with the airlines. Anxiety every day watching them jump around lol

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Economic downturns always widen the gap. Those with liquidity or able to get liquid assets buy cheap. On a much different level, you want to buy a boat? There are deals to be had all over WNY.

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10 minutes ago, tom webster said:

Economic downturns always widen the gap. Those with liquidity or able to get liquid assets buy cheap. On a much different level, you want to buy a boat? There are deals to be had all over WNY.

Is this one for sale ...

https://virtualglobetrotting.com/map/terry-pegulas-yacht-top-five/view/google/

 

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My take is that they're desperate.  The gas industry made them rich.  They won't go broke, but it makes me feel that they realize they're way over they heads in the sports ownership business..

Edited by Tondas

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1 hour ago, tom webster said:

Economic downturns always widen the gap. Those with liquidity or able to get liquid assets buy cheap. On a much different level, you want to buy a boat? There are deals to be had all over WNY.

Friend of mine works at a boat dealership on the Chesapeake. They can't keep boats in stock. New or used.

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6 hours ago, New Scotland (NS) said:

$300 million is not chump change, but compared to the $4 billion fortune when they largely got out of it, it's not a big deal.  The Pegula's are investing enough for a 20% stake.

IMO, they are not really very involved in the industry.  They are looking to make a few quick bucks, which is what business people do.  I will agree that while not very active, they are closely linked and have kept up good contacts in the oil and gas industry.  

Poor ol' Yuri's head must be spinning.

A $60M stake isn’t really very involved?

I will say this: The fact that they’re getting back in the game with a bunch more cash (presumably) may speak to their liquidity. Or maybe they’re pushing a lot of their chips back into the game.

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Good to know Kym is going to be a director in this new venture.  I guess being president of multiple sports teams is not enough to keep her busy. 

Edited by LabattBlue
  • Awesome! (+1) 2

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7 hours ago, Zamboni said:

I’m gonna be buying some oil and energy stocks soon.

I bought a couple stocks on the downturn a couple months ago. Today, I’m glad I did.

I bought some Exxon last week. They are still very low right now. 

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On 7/21/2020 at 9:03 PM, That Aud Smell said:

A $60M stake isn’t really very involved?

I will say this: The fact that they’re getting back in the game with a bunch more cash (presumably) may speak to their liquidity. Or maybe they’re pushing a lot of their chips back into the game.

They're raising money to basically buy out a bunch of people out.  They'll probably just flip the assets back to big companies for profit if i had to guess. 

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6 minutes ago, That Aud Smell said:

This reads as a fairly comprehensive overview of PSE. Not a deep dive, maybe, but it covers a lot of ground. 

https://news.littlesis.org/2020/08/04/new-pegula-fracking-venture-draws-investment-and-board-role-from-former-pennsylvania-governor-corbett/

It amazes what is considered publishable articles in today’s world. It’s almost incoherent, jumping back and forth, taking a few shots at the Pegulas, throws in a line about rookies being sent home, returns to start talking again about other investors.

Its like journal entries that can’t be tied together.

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^

The piece covers a lot of ground, and maybe as a result reads as a little disjointed (especially to olds like us). But I think it comes across as well-researched and interesting.

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2 hours ago, tom webster said:

It amazes what is considered publishable articles in today’s world. It’s almost incoherent, jumping back and forth, taking a few shots at the Pegulas, throws in a line about rookies being sent home, returns to start talking again about other investors.

Its like journal entries that can’t be tied together.

The quality of journalism and well written pieces have gone downhill bad in the past 20+ years. It’s stark. I’m sure Those that are older than 35 or so can see the difference. In all aspects across all subjects. It’s very poor for the most part. 

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19 minutes ago, Zamboni said:

The quality of journalism and well written pieces have gone downhill bad in the past 20+ years. It’s stark. I’m sure Those that are older than 35 or so can see the difference. In all aspects across all subjects. It’s very poor for the most part. 

I'm almost convinced that true journalism is a thing of the past.

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23 minutes ago, Radar said:

I'm almost convinced that true journalism is a thing of the past.

Not positive that journalism is dead, but for the most part reporting is.  

Very few Wawrow's left out there.

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