Thursday, February 3, 2011

DEVELOPING: Pegula Signs On The Dotted, Team Stays In Buffalo

((HT: WGRZ-TV Buffalo))

Sabres owner Tom Golisano said in an afternoon press conference that he preferred to sell the team to Terry Pegula rather than move the team from Buffalo.

The $189 million sale is expected to close within 30 days, pending NHL and governmental approval.

Golisano says he got an offer for $70 million more from someone he wouldn't identify, but that would have meant moving the team. He bought the team out of bankruptcy back in 2003.

Minority owner Larry Quinn will step down as managing partner.

Here's the first part of the announcement...

Pegula released a statement to the fans of the Sabres and to western New York...

"As diehard fans of the Buffalo Sabres, the Pegula family would like to take this opportunity to congratulate Tom Golisano and Larry Quinn on their commitment to the hockey fans of Western New York and their dedicated stewardship of the franchise. Without their generosity and perseverance through tough economic times and league labor issues, there would not be a team for the Buffalo hockey community to support. We will be forever grateful for their efforts in developing one of the best markets in the National Hockey League, and providing the foundation for future successes. My wife Kim and I are hopeful that the league's approval process of our intent to purchase the franchise will move swiftly and we can begin the next era of Buffalo Sabres hockey in the very near future."

No comments: