By WBFO News
http://stream.publicbroadcasting.net/production/mp3/wbfo/local-wbfo-953985.mp3
Buffalo, NY – Terry Pegula now owns the Buffalo Sabres. The transfer of the team from former owner Tom Golisano to Pegula was completed Tuesday morning.
Pegula, who made his fortune in natural gas exploration, becomes the Sabres fourth owner. He purchased the Sabres for $189 million. The transaction also includes the Buffalo Bandits indoor lacrosse team and operation of HSBC Arena.
Pegula met with reporters at HSBC Arena.
"Starting today, the Buffalo Sabres reason for existence is to win Stanley Cups," Pegula said. "We want to win for our fans."
Pegula also said he is willing to spend money to make the team better.
"There will be no financial mandates on the Buffalo Sabres hockey department." Pegula said.
Pegula will serve as chief executive officer of the Sabres. He appointed Ken Sawyer, a former executive with the Pittsburgh Penguins, as his senior adviser. Ted Black, another former Penguins executive, will succeed Larry Quinn as Sabres president.
Pegula said General Manager Darcy Regier and Coach Lindy Ruff will continue in their roles. Regier signed a two-year contract extension through the 2012-13 season. Ruff's contract expires at the end of the current season. But Pegula said Ruff "ain't goin' no where."
A number of former Sabres players attended the news conference, including Hall of Famer Gilbert Perreault, whom Pegula referred to as "my hero."
NHL Commissioner Gary Bettman attended the news conference, saying "this is a dream come true" for Pegula.
WBFO's Michael Mroziak has more in this audio report on Pegula's news conference.