Pegula's first major order of business was to end the Bills Toronto Series, which he did in an agreement reached on December 3, 2014. On September 17, 2014, the Pegulas were unanimously approved by the NFL's finance committee and were then scheduled to be presented at the NFL owners' meeting on October 8, 2014, for final owner approval the Pegulas received unanimous approval from the league's owners on October 8 and closed the deal on October 10. It was reported that the Pegulas made a $1.4 billion bid, all in cash. President Donald Trump and musician Jon Bon Jovi, the latter of whom was backed by principals of the Toronto-based Maple Leaf Sports and Entertainment, for purchase of the team. Pegula was a favorite among most local Bills fans and local politicians to buy the team due to his commitment to the Western New York area and local connections. On September 9, 2014, it was announced that Pegula had placed the winning binding bid to purchase the National Football League's Buffalo Bills, a team that was placed up for sale after the death of the original owner and team founder, Ralph Wilson. Along with the purchase of the Americans came upgrades to the team's arena, the Blue Cross Arena. As part of the deal the Americans had to be split off from its NLL counterpart the Rochester Knighthawks since Pegula owned the Bandits due to ownership rules at the time. In May 2011, Pegula began negotiations on behalf of the Sabres to re-purchase the Rochester Americans, which had served as the Sabres' American Hockey League affiliate from 1979 to 2008 (and had been owned by the Sabres from 1979 to 1996) the deal was completed in late June 2011. Included in the Sabres purchase was their National Lacrosse League (NLL) counterpart, the Buffalo Bandits, which have won four NLL championships. Many fans and critics alike have attributed the team's firing of six head coaches and three general managers since 2013 to this, as well as other controversial moves such as the trades of Ryan O'Reilly and Jack Eichel.
Pegula and his wife have been heavily criticized for meddling in the Sabres' hockey operations. However, in the decade that followed, the Buffalo Sabres posted a 281-354-94 record and held the longest active NHL post-season drought. Pegula was quoted as saying, "Starting today, the Buffalo Sabres' reason for existence, will be to win a Stanley Cup." Pegula's purchase made an immediate positive impact, with players, fans and alumni invigorated by his investment in the team, the then First Niagara Center and the building of Harborcenter across the street. In February 2011, Pegula purchased Hockey Western New York LLC (the holding company that owns the Buffalo Sabres and the Buffalo Bandits of the National Lacrosse League) from previous owners Tom Golisano, Larry Quinn, and Dan DiPofi for $189 million.
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