Terrence Pegula reportedly interested

BUFFALO, N.Y. -- Buffalo Sabres minority owner Larry Quinn denied a report that billionaire Terrence Pegula has signed a letter of intent to purchase the team.

"The report is not true. We have not signed a letter of intent with anybody," Quinn told ESPN.com Tuesday. "That's all I'm going to say at this time."

Quinn would not comment about Pegula's possible interest, but another source confirmed to ESPN.com that Pegula has expressed interest in possibly buying the team.

"Reports regarding the sale of the Buffalo Sabres tend to surface from time to time. There have been several inquiries in the past few years regarding this subject. Our company policy is we do not comment on them because people make inquiries all the time," Quinn said in a statement released by the team. "Some of these inquiries are serious, some are not, some make the media and others do not."

The Hockey News reported on its website Tuesday that Pegula, a Pennsylvania native who is CEO of East Resources Inc., an oil and gas development company, had agreed to buy the Sabres for $150 million.

The Buffalo News cited unnamed sources in reporting Tuesday that Pegula is a serious candidate to buy the Sabres.

A message left on a number listed for Pegula was not returned, according to The Associated Press

In mid-September,
Penn State announced that its men's and women's hockey club teams were moving to Division I status, courtesy of an approximately $90 million donation from Pegula, an alumnus. The donation includes the construction of a new ice hockey arena on campus.

Information from ESPN.com's Pierre LeBrun and The Associated Press was used in this report.