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The Buffalo Sabres are under new ownership.

In a grand ceremony today at HSBC Arena, former Pennsylvania oil mogul Terry Pegula officially took up the reins to Buffalo’s hockey franchise.

Pegula made several promises as the new owner – one of which was very bold.

"Starting today, the Buffalo Sabres' reason for existence will be to win a Stanley Cup," he said. "And yes, I have said 'Cups' (in a previous interview), so I guess I can't retract that statement."

Pegula, a Western New York native, also made a point to highlight how big a Sabres fan he is.

"I'm the guy who lived in Houston, Texas in 1979, and listened to that horrible overtime loss to the Penguins," said Pegula.

Of course, in 1979 there was no way Pegula could have heard a radio broadcast from Buffalo while in Texas

"A friend of mine in Olean, New York held his phone to his television, and I listened to the game over the phone," he explained.

"I'm the guy who used to sit on an overpass north of Pittsburgh," Pegula continued, "and listen to (Buffalo radio station) WGR fade in-and-out, trying to listen to the Sabres broadcasts."

Pegula pledges to spend every dollar necessary to make the team and the organization the best in the league. He also announced that coach Lindy Ruff, General Manager Darcy Regier, and Chief Operating Officer Dan DiPofi will all remain in their jobs with the Sabres.

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