The Hockey News is reporting that  Billionaire Terry Pegula has signed a letter of intent to buy the Buffalo Sabres. The Sabres are currently owned by (other Billionaire) Tom Golisano, who saved the franchise from bankruptcy after The Rigas Family (former Billionaire’s, now prison residents) drove the once proud franchise into the ground.

Pegula is in the Gas and Oil industry, as CEO and founder of East Resources. If you just received your first Fall bill from the gas company, you might have noticed that there is some money to be made there. And when Billionaires get bored, they buy sports franchises.

He recently dumped about $88 Million into the Penn State Hockey program, helping to build a new arena and establish a Division 1 program. So he’s a fan. He and his wife Kim have ties to Buffalo and are Sabres fans. If he buys the team, maybe he can finally give the Sabres the tools the Rigas Family promised to get the job done. No, John we don’t mean a chisel, a hacksaw and an offshore checking account.

Meanwhile the Sabres are denying any sale, but Larry Quinn said it doesn’t mean that one day Tom Golisano wouldn’t sell. We do know that Golisano, frustrated by New York State Taxes, already bailed out on Buffalo and moved to Florida. Now will he bail on the Sabres? If we’ve learned one thing from all of this, its that it’s nice to be a billionaire.