BUFFALO -- Terry Pegula was introduced Tuesday as the new owner of the Buffalo Sabres.
Pegula purchased the club from Tom Golisano and the sale was approved last week by the NHL's Board of Governors.
A lifelong hockey fan, the 59-year-old Pegula was a Sabres season-ticket holder from 1980-98 while living in both Olean and Orchard Park as he operated East Resources Inc., an independent exploration and development company he founded in 1983. Over the next 27 years, he built it into one of the largest privately held companies in the United States. In July of 2010, Royal Dutch Shell purchased the assets of East Resources Inc. for $4.7 billion.
Pegula becomes the fourth owner of the Sabres since the franchise was founded in 1970.
Golisano owned the team from 2003-11.
The Sabres also announced that Ted Black has been named the team's new president and alternate governor, while Ken Sawyer will serve as the team's senior advisor.
Black joins the Sabres following two years as the senior vice president and general manager of FSN Pittsburgh. Prior to that he was a member of Mario Lemieux's senior management team and served as vice president of the Pittsburgh Penguins from 1999-2008.