State rejects loan for Sabres

Via: Buffalo News

'A source close to the negotiations told The Buffalo News Thursday night that the state does not feel it can provide a $23 million loan Hamister wants as part of a plan to refinance an existing loan for the HSBC Arena. The source, speaking on condition of anonymity, said the Pataki administration believes that the loan proceeds would go directly to Adelphia Communications, the scandal-ridden company that is the parent of the Sabres.'