All his real estate/land holdings. He's definitely struggling with liquidity. Go watch his interview, it was blatantly clear.
I would be shocked if the Pegula's aren't north of 1 billion in debt already. That's how the yachting class rolls.
I won't disagree that billionaires like paying for things with debt/"other people's money"
But, let's put that aside for a second.
He paid for, in cash, 1.4B for the Bills, which he got by selling his stake in his energy company (for 4.5B)
The Bills are now worth 1.9B. That's 500M in equity.
If he he somehow managed to piss through the other 3B, all his private homes and estates are burned to the ground, he would have zero issues borrowing against the equity in the bills
The idea that the guy is in massive debt or is over leveraged when he was sitting on 3B cash.
If anything, it looks like he's just as bored with the Sabres as we as fans are. It's become a money bleeding business and the city who once loved him hates him now because of it.
If i had to guess, he's getting the books in order to sell off the Sabres post pandemic and wants to spend as little on it as possible until then.