Report: Penn Stater Pegula Looks to Buy Buffalo Sabres

Penn State alumnus and donor Terry Pegula has signed a letter of intent to purchase the Buffalo Sabres for roughly $150 million, according to a Tuesday report from The Hockey News.

Tom Golisano is the current majority owner of the New York state-based hockey team.

But a minority owner of the Sabres, Larry Quinn, denied to ESPN that any letter of intent had been signed.

Earlier this year, Penn State announced that Pegula and his wife, Kim, have agreed to give $88 million to support ice hockey at the university. The gift will help finance, among other elements, a 5,000- to 6,000-seat ice arena along University Drive at University Park.

Earlier coverage

• Penn State Aims to Become National Model with Hockey Program, Spanier Says (Sept. 17, 2010)

• Penn State Trustees: Design Firms Named for Ice Arena (Nov. 5, 2010)