On November 30, 2010, Ken Campbell of "The Hockey News" reported a story that billionaire Terry Pegula had signed a letter of intent to purchase the Sabres for US$150 million. Pegula was the founder, president and CEO of East Resources, one of the largest privately held companies in the United States before he sold the company. After the report was released, Sabres managing partner Larry Quinn claimed it was "untrue" but refused further comment. The $150 million was later determined to be an undervalued amount, as "Forbes" magazine had valued the team at just under $170 million in 2010. In December, Pegula officially expressed interest in buying the Sabres for $170 million and submitted a letter of intent to the NHL. In January, Golisano reportedly issued a counteroffer with an asking price of US$175 million. Pegula and Golisano reached an agreement to sell the team on January 29, 2011, with Pegula purchasing the team for $189 million ($175 million with $14 million in debt included) with the Sabres and Golisano officially making an announcement in a press conference on February 3, 2011. NHL owners approved the sale on February 18.