Sabres Finally Bought
According to TSN.ca the sabres have been bought by Tom Golisano. Does this mean that Satan and Zhitnik will be moving soon…..who knows?
Here is the link and the article.
Report: Sabres sale finalized
The Buffalo Sabres appear to have found a new owner.
According to WGR Sportsradio in Buffalo, former gubernatorial candidate Tom Golisano submitted a bid to buy the financially strapped team back on February 14.
The report says the NHL accepted Golisano’s proposal the next day.
The Sabres have been in limbo since the NHL took over operating control of the team last June. One attempt to sell them unravelled three weeks ago when Buffalo businessman Mark Hamister suspended his purchase bid because of a lack of financing.
Following Hamister’s withdrawl, the league reopened negotiations with Golisano, whose initial bid of about $33 million failed to satisfy conditions set by Adelphia Communications, one of the Sabres’ largest creditor.
Earlier this week, team officials said they would have enough money to finish out the season. A bankruptcy court granted the Sabres up to $25 million in financing when the team filed for bankruptcy protection last month. However, the Sabres would be in jeopardy of folding once their financing runs out because it is unlikely they would be granted additional loans.
February 27, 2003
The Fourth Period –
The long awaited sale of the Buffalo Sabres has been finalized, WGR radio in Buffalo is reporting. The station says that Tom Golisano submitted a bid to the NHL to purchase the bankrupt franchise on February 14th, and the bid was accepted the following day.
The deal is reportedly in the final stages and could be announced within the next two days. The team has been under the control of the NHL but the league office contacted Golisano as a courtesy before the recent trade of Vaclav Varada.
The much anticipated possible trades of Miroslav Satan and Alexei Zhitnik now will have a chance to be completed before the March 11th trade deadline. The NHL had been reluctant to allow any significant trades involving the current Sabres roster as it was in negotiations to sell the team. In fact it was reported by the New York Post that the Philadelphia Flyers and Buffalo Sabres had a deal worked out that would have seen Satan and Zhitnik go to the Flyers, but the trade was rejected by the league.
Chris Gratton is another name that has surfaced recently, but it is unlikely that management will move him. In addition to Satan and Zhitnik teams have also expressed interest in defenseman Jay McKee. The availability of the Sabres players will depend on how much Golisano wants to dismantle the team and slash salaries. It is certain that Sabres GM Darcy Regier’s phone is ringing of the hook today with the pent up demand of GMs around the league.