BUFFALO, N.Y. — A few changes have been announced for the future of the Buffalo Sabres leadership and Pegula Sports & Entertainment.
On Monday, it was announced that Terry has been named the Sabres president, and that Pegula Sports & Entertainment is being dissolved.
"We are thankful for the work and effort so many individuals have put into PSE over the years, but feel it is the right time for them to return home to separate organizations," Sabres owner and president Terry Pegula said.
"We feel that now is the right time to dissolve PSE and allow everyone to focus solely on their respective organization. It is a great time to be a Buffalo sports fan and we have a tremendous amount of confidence that this restructuring will allow our businesses to continue to elevate with our teams."
In the announcement, PSE said that is is separating the resources between the Buffalo Bills and Buffalo Sabres, which will allow each to focus on their own efforts.
The Sabres said that Terry will work closely with COO John Roth and general manager Kevyn Adams.
Kim Pegula was the former president of the Sabres.
Kim has been recovering from a cardiac arrest she suffered last summer. Recently, she was spotted at Bills training camp where she watched from an SUV.
In July, Terry also took over the role of president for the Bills, replacing Ron Raccuia.
"After taking time over the past several months to evaluate the business side of our operation, we wanted to revamp and improve our structure," Terry said in a released statement in July.
Under the PSE umbrella, the teams previously shared business and marketing departments.
The split comes as the Bills are four months into building a new stadium scheduled to open across the street from their existing facility by the 2026 season and now projected to cost $1.7 billion — up from the initial $1.4 billion estimate when factoring in cost overruns.
The Sabres, meantime, are in the early stages of planning major structural and technical upgrades to their downtown home arena, KeyBank Center, which hasn’t undergone any extensive renovation since the building opened in 1996. The project is expected to take years to complete because much of the work will have to be done during the team’s offseason.
PSE was established shortly after the Pegulas purchased the Sabres in 2011. They followed up by buying the Bills in 2014 after the death of the franchise's founder and Hall of Fame owner Ralph Wilson.
PSE’s dissolution is unlikely to have much of an effect on Pegula’s other holdings — including a recording studio in Nashville, Tennessee, and a downtown Buffalo hotel/ice arena complex — because they were mostly being operated as separate entities.