Archives for 2002

'"There's been a lot of rumours about (the Sabres) moving to Portland," said Blackhawks owner Bill Wirtz, "but there's loyalty in this league." Buffalo has been a good member for 30 years, and they want them around."' … [Read more...] about Wanted: New owners for the Buffalo Sabres

'"We're going to operate it until we find a buyer. If I only have to do it for two more days it means we've found a buyer. "But realistically it's going to take a couple of months, if not longer. If we don't have a buyer in place and weren't ready to close, I would envision us finding appropriate financing and operating the team through … [Read more...] about NHL Takes Over Operation of Troubled Sabres

'"The league is not and will not be responsible for any of the Sabres' debt," Bettman said.' … [Read more...] about NHL to take over operations for Sabres franchise

It seems highly likely that one of these people would be Jeremy Jacobs, who owns the Boston Bruins but whose corporate headquarters are in Buffalo. Furthermore, a Jacobs company paid about $35 million for the concession rights in the HSBC Arena. If the Sabres were to leave town, that investment would lose most of its value, so it is probably Jacobs who will provide the Sabres … [Read more...] about Sabres fall in Bettmans lap

'"We will work with Darcy Regier and the executives to ensure operations continue as usual while we seek a local buyer to purchase and operate the club in Buffalo," Bettman said. "That is the goal. We're very excited by the local support that has been shown for the club. So please buy your tickets."' … [Read more...] about League officially takes control of Sabres

'"Until we talk to the Sabres, it's difficult to comment on how they will operate," Amerks President and CEO Steve Donner said on Thursday night. "But, I suspect they'll operate in relatively similar fashion to how they have in the past."' … [Read more...] about League seizes control of Sabres

'Bettman said the sale of the Sabres, who are worth about $117 million, will probably take several months. Until a new owner is found, the NHL will pay all of the team's expenses, including staff salaries and any signing bonuses for players that Buffalo selects at this weekend's amateur draft in Toronto.' … [Read more...] about National Hockey League Takes Control of Sabres

'Commissioner Gary Bettman said Thursday that owner John Rigas had agreed to the move. Although Rigas technically remains the Sabres' owner, the move helps clear the way for the potential sale of the franchise.' … [Read more...] about NHL to operate Sabres

'"No sale of the Sabres can be effected without addressing the debt to Adelphia from the Sabres," William F. Savino, a business attorney in western New York, said recently. "The Sabres have used Adelphia like a credit card."' … [Read more...] about NHL to take control of Sabres?

'Sen. Charles E. Schumer wrote to NHL Commissioner Gary Bettman on Wednesday, urging him to ensure that the Sabres remain in Buffalo if the team is sold.' … [Read more...] about Schumer writes NHL chief on Sabres' behalf

'Bettman hinted broadly in an impromptu, but carefully scripted, state-of-the-game address at the Stanley Cup Finals in Detroit that there are several teams in economic difficulty and that it's possible some might not be able to hang on until the current Collective Bargaining Agreement expires in September 2004. The Sabres certainly fit the criteria.' … [Read more...] about Awards take back seat to meetings

'National Hockey League officials are meeting in Toronto today reportedly to discuss a Sabres takeover among other things.' … [Read more...] about Adelphia may lose Buffalo Sabres franchise to NHL

'Hamister, CEO and founder of the Buffalo-based National Health Care Affiliates and owner of the Arena Football League's Buffalo Destroyers, has spent the past month forming a group that would keep the team in Buffalo.' … [Read more...] about State will meet with Hamister on bid to buy Sabres

'While NHL officials have downplayed the likelihood of the Sabres changing hands on Thursday, the league remains under intense pressure to assume ownership quickly - before Adelphia is forced into bankruptcy. The league then would sell the team to a new ownership group.' … [Read more...] about Rigas could give up team voluntarily

'The Adelphia debt, in particular, could draw the Rigas-owned Niagara Frontier Hockey Limited Partnership into the cable company's anticipated bankruptcy by ranking the team loans among Adelphia's corporate assets. The NHL could play a vital role in brokering a debt-resolution deal or acting as interim franchise caretakers, as well as helping guide any sale of … [Read more...] about Saving the Sabres