- Associated Press - Monday, February 21, 2011

BUFFALO, N.Y. (AP) - Terry Pegula will formally close on his $189 million purchase of the Buffalo Sabres on Tuesday, a little over three months after the Pennsylvania billionaire first approached Tom Golisano to purchase the franchise.

Pegula, who has declined comment during the purchase process, will then hold his first news conference as owner on Tuesday morning. He will be joined by NHL Commissioner Gary Bettman.

The Sabres provided the update on Monday, adding that Pegula will have no further comment. The closing of the sale is the last step in Pegula’s purchase after the NHL board of governors approved the sale last week.

Pegula was scheduled to inspect and tour HSBC Arena on Monday.

Pegula made his fortune in the natural gas industry.

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