purple haze Posted June 12, 2014 Share Posted June 12, 2014 Interesting news. It seems like the timing favors him being involved in the bidding as well as the silence we've heard from the Pegula camp. We've heard from many, but not him. And I recall during the spring NFL meetings there were reports owners had mentioned Pegula. I think all in all this is a telling development. He is already reported by Forbes to be worth 3.3 billion. Link to comment Share on other sites More sharing options...
Captain Caveman Posted June 12, 2014 Share Posted June 12, 2014 I think all in all this is a telling development. He is already reported by Forbes to be worth 3.3 billion. Presumably that net worth would have already included the property included in this sale, so it's worth clarifying that he is likely still worth ~3.3 billion. Link to comment Share on other sites More sharing options...
stony Posted June 12, 2014 Share Posted June 12, 2014 Presumably that net worth would have already included the property included in this sale, so it's worth clarifying that he is likely still worth ~3.3 billion. Good point. I thought about this too. Makes him more attractive though with the influx of cash on hand. Link to comment Share on other sites More sharing options...
YoloinOhio Posted June 12, 2014 Share Posted June 12, 2014 Good point. I thought about this too. Makes him more attractive though with the influx of cash on hand. Yep - liquid assets to pay cash for the team (like Balmer did with the Clips) and have to think he'd be approved easily in the vetting process with already owning a pro sports franchise (plus the Amerks). Link to comment Share on other sites More sharing options...
HopefulFuture Posted June 12, 2014 Share Posted June 12, 2014 (edited) Interesting news. It seems like the timing favors him being involved in the bidding as well as the silence we've heard from the Pegula camp. We've heard from many, but not him. And I recall during the spring NFL meetings there were reports owners had mentioned Pegula. I think all in all this is a telling development. He is already reported by Forbes to be worth 3.3 billion. As I stated in the Galisano thread, pay attention to Pegula, and not just him, but Galisano and a few other power brokers in WNY. There is movement going on behind the curtain, but, as I learned in the Galisano thread, I'm merely speculating, just a fan.......... Yep - liquid assets to pay cash for the team (like Balmer did with the Clips) and have to think he'd be approved easily in the vetting process with already owning a pro sports franchise (plus the Amerks). And the ECHL Jackels. Me thinks the WNY region is going to see an infusion of capital over the next 10 to 20 years ....................remember, this is one of the few areas largely unaffected by the 08 crash real estate wise. Many of these brownfield sites have or are slated to complete soil remediation in the next couple of decades. that has me thinking there is a Hopeful Future here Edited June 12, 2014 by HopefulFuture Link to comment Share on other sites More sharing options...
Kelly the Dog Posted June 12, 2014 Share Posted June 12, 2014 Presumably that net worth would have already included the property included in this sale, so it's worth clarifying that he is likely still worth ~3.3 billion. He sold land for 4.7 billion in cash four years ago, that land would no longer be his. The land he sold to Royal Dutch Shell was in PA, NY, and Rocky Mountains. This would appear to be different land, in WV that his company owns. It's in addition. Link to comment Share on other sites More sharing options...
GG Posted June 12, 2014 Share Posted June 12, 2014 Imagine logging into your bank account and seeing a 1.75 billion dollar balance. And then see it instantly get cut in half after taxes are due? People are ignoring that little tidbit that he'd probably owe a big chunk of change, as his cost basis was likely very low. Link to comment Share on other sites More sharing options...
thebandit27 Posted June 12, 2014 Share Posted June 12, 2014 Yep - liquid assets to pay cash for the team (like Balmer did with the Clips) and have to think he'd be approved easily in the vetting process with already owning a pro sports franchise (plus the Amerks). The NFL owners would literally trip over each other in their rush to approve El Pegual...of that I can assure you. Link to comment Share on other sites More sharing options...
Kirby Jackson Posted June 12, 2014 Share Posted June 12, 2014 And then see it instantly get cut in half after taxes are due? People are ignoring that little tidbit that he'd probably owe a big chunk of change, as his cost basis was likely very low. If he loses $500M in capital gains that would leave the chunk of money left at $1.25B. That is a curious number; a number that many of us think will be the sale price. Link to comment Share on other sites More sharing options...
Captain Caveman Posted June 12, 2014 Share Posted June 12, 2014 (edited) He sold land for 4.7 billion in cash four years ago, that land would no longer be his. The land he sold to Royal Dutch Shell was in PA, NY, and Rocky Mountains. This would appear to be different land, in WV that his company owns. It's in addition. When Forbes estimates someone's net worth, it includes their assets. 3.3 billion would have included this land. Edited June 12, 2014 by Captain Caveman Link to comment Share on other sites More sharing options...
purple haze Posted June 12, 2014 Share Posted June 12, 2014 Presumably that net worth would have already included the property included in this sale, so it's worth clarifying that he is likely still worth ~3.3 billion. Good point. But liquidity has increased. So that's a good development. Link to comment Share on other sites More sharing options...
Captain Caveman Posted June 12, 2014 Share Posted June 12, 2014 Good point. But liquidity has increased. So that's a good development. Absolutely, this might indicate he is getting ready to make a bid. Link to comment Share on other sites More sharing options...
BRAWNDO Posted June 12, 2014 Share Posted June 12, 2014 This all makes sense. Shortly after buying the Bills he bought Todd France's NFL Player Agency because he wanted to learn the business of the NFL. Ed Kilgore mentioned in one of his final TV Sportscasts that he knows of a group that is interested in the Bills and would help with a new stadium. He leaves his job at WGRZ and accepts a job with the Harborcenter built by Pegula. Now this happens. Think he is the top candidate for 2015 Class of the Greater Buffalo Sports Hall of Fame if he buys them? Link to comment Share on other sites More sharing options...
GG Posted June 12, 2014 Share Posted June 12, 2014 If he loses $500M in capital gains that would leave the chunk of money left at $1.25B. That is a curious number; a number that many of us think will be the sale price. Combined top Federal & NYS tax rate is 50% ... Link to comment Share on other sites More sharing options...
Captain Caveman Posted June 12, 2014 Share Posted June 12, 2014 (edited) Combined top Federal & NYS tax rate is 50% ... This is not regular income, it would be taxed as Capital Gains, likely at 20% on whatever profit was made from the sale (sale price minus what was paid for the property.) Edited June 12, 2014 by Captain Caveman Link to comment Share on other sites More sharing options...
TPS Posted June 12, 2014 Share Posted June 12, 2014 You can in the same market. thanks. Link to comment Share on other sites More sharing options...
Kelly the Dog Posted June 12, 2014 Share Posted June 12, 2014 When Forbes estimates someone's net worth, it includes their assets. 3.3 billion would have included this land. True but a lot of that land they do not know what it is worth until it mined and then sold. He was worth that 3.3 or close to it right after the sale. East Resources kept some land and kept buying up more and more land from what I understand. In 2010 he wasn't listed at all I don't think. In 2011, he was listed as having 3b. Link to comment Share on other sites More sharing options...
sodbuster Posted June 12, 2014 Share Posted June 12, 2014 This is not regular income, it would be taxed as Capital Gains, likely at 20% on whatever profit was made from the sale (sale price minus what was paid for the property.) Yeah, how would the capital gains tax work with this? What if he rolls the money from the sale right into the purchase of the team? Link to comment Share on other sites More sharing options...
eball Posted June 12, 2014 Share Posted June 12, 2014 Welcome to Football Heaven. We are going to have one heluva locker room next year. You DON'T STEP ON THE LOGO, Sully!!!!! Link to comment Share on other sites More sharing options...
Coach Tuesday Posted June 12, 2014 Share Posted June 12, 2014 He is buying Tempo. Link to comment Share on other sites More sharing options...
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