Skip to main content

Bills bidder Pegula closes on $1.75 billion deal

By WTOP Staff

JOHN WAWROW
AP Sports Writer

BUFFALO, N.Y. (AP) — Terry Pegula’s bottom line has received a big bump in his bid to purchase the Buffalo Bills.

The Buffalo Sabres owner closed on a $1.75 billion deal to sell the drilling rights on about 75,000 acres of land in Ohio and West Virginia to American Energy on Tuesday. The sale was announced by American Energy and in a release issued by PR Newswire.

The agreement between Pegula’s East Resources Inc. and Oklahoma-based American Energy was first reached in June.

The sale comes at a time when Pegula and wife Kim are considered the front-runners to buy the Bills, who are for sale after Hall of Fame owner Ralph Wilson died in March.

The Pegulas and New York real estate mogul Donald Trump have both been chosen to advance to the next round of the sale process by Morgan Stanley, the banking firm overseeing the sale. Trump said he made an initial non-binding bid of $1 billion.

Before the sale on Tuesday, Pegula’s net worth was last estimated by Forbes to be $3.3 billion. He made his fortune after selling off some of his company’s assets for $4.7 billion to Royal Dutch Shell in 2010.

And Pegula has the ability to increase his wealth. In announcing the sale to American Energy, Pegula said he still retains what he called “significant oil and gas assets” in Colorado, Wyoming, New York, West Virginia and his native Pennsylvania.

The Bills were last valued at $870 million, but are expected to sell for at least $1 billion, partly because NFL teams rarely go on the market.

A Toronto-based group fronted by rocker Jon Bon Jovi has also expressed interest in buying the Bills. But it’s not clear whether the Bon Jovi group was selected to advance in the sale process.

The next step is for approved groups to advance is to meet with both Morgan Stanley and members of the estate to obtain the franchise’s financial information.

Once that is done in the coming weeks, groups will then be asked to submit formal bids. The bidding process is unsealed, meaning Wilson’s estate will have the ability to ask groups to increase their bids.

___

AP NFL website: www.pro32.ap.org and www.twitter.com/AP_NFL

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
Read Next Story

Related Stories

APTOPIX Venezuela Earthquake
Latest News
Frustration grows in Venezuela as earthquake death toll reaches 1,430
June 27, 2026
APTOPIX Venezuela Earthquake

Frustration grows in Venezuela as earthquake death toll reaches 1,430

Bahrain US Rubio Gulf

Israel and Lebanon sign framework agreement with US in 'first step' toward peace, Rubio says

APTOPIX Colombia Election

Trump-endorsed populist poised to become Colombia's next president as rival challenges vote

Iran US Congress

Congress wonders as the Iran war draws to a close: Was it worth it?

Supreme Court

Supreme Court sides with a Texas man who says it’s not a crime for marijuana users to have guns