Terry Pegula, billionaire owner of American football team Buffalo Bills, has once again caused outrage over his yacht, while New York state taxpayers still bear part of the cost for his new $2.1 billion project stadium, according to a report by the New York Post.
Pegula, who previously warned he might relocate the Bills from western New York if taxpayers didn't help pay for a new stadium, also owns a $100 million megayacht called “Top Five II.”
As Terry Pegula receives public backlash for a megayacht worth $100 million, here is all you need to know about the billionaire —
Who is Terry Pegula?
Born in Carbondale, Pennsylvania, Terry graduated from Penn State University in 1973, where he studied petroleum and natural gas engineering, according to a profile from the University.
After graduating from college, he started his career at Getty Oil Co. in Texas and later moved into an engineering role at Felmont Oil Co. in 1975. This new job took him to Olean, N.Y, according to a report by People.
Eight years later, he established East Resources Inc. after borrowing £7,500 from family and friends. By 2010, Terry sold most of his assets to Royal Dutch Shell for $4.7 billion, according to Forbes.
Terry Pegula networth
The 74-year-old billionaire has a reported net worth of $7 billion, which is primarily constituted of fracking and natural gas investments, and is relying on public funding for the New Highmark Stadium, the New York Post noted.
His megayacht is expected to be named after his five children, including two from a previous marriage and three with his current wife, Kim. Their daughter Jessica Pegula, 31, is a tennis player with seven ATP titles who made it to the US Open finals last year, it added.
About Pegula's megayacht
The $100 billion yacht includes facilities such as a glass-sided spa pool, Jacuzzi, sauna, cinema lounge, gym, and expansive owner’s deck with private dining, bar, and entertainment areas. It is also reportedly available for charter at over $500,000 per week, the report said.
Why is Negula's megayacht in the middle of a controversy?
Terry encountered public backlash for purchasing a $100 million yacht while people continue to bear the costs of his stadium. Recently, he was criticised after a TikTok clip showed Pegula’s boat anchored in Newport, RI. This footage ignited anger over his luxurious lifestyle, particularly since taxpayers in New York and Erie County are financing one of the largest public subsidies in NFL history.
Taxpayers in New York are paying $600 million, even though many are Giants and Jets fans. These teams play at New Jersey’s MetLife Stadium, which means residents of the Empire State are helping to fund a rival team.