Terrence Pegula recently donated $88 million to his alma mater, Penn State University, to establish a Division I hockey program.
Now, he's taking his love for the sport a step further — as he has penned a letter of intent to purchase the team for $150 million, according to The Hockey News.
Forbes valued the team at $170 million last season, but the $150 bid still would represent a large profit from owner Tom Golisano's initial investment of $92 million seven years ago.
The Sabres have been run on a stringent internal budget that has prevented them from contending consistently, though they did win the Northeast Division in 2010.
Pegula's wife is a Buffalo native, giving the oil billionaire a vested interest in keeping the team in western New York.
