SabreSpace

'Adelphia's internal investigators are still unsure about Adelphia's investment in the Sabres hockey team, these people said. The internal investigators believe that the Rigases used Aldephia money to invest in the team beginning in 1994, according to these people. Now, these people said, it appears that the Rigases may have also used company money to support the … [Read more...] about Adelphia Is Said to Plan Disclosures of Dealings

'Basically, it will come down to this: Any owner willing keep this franchise in Buffalo will bet the annual rate of appreciation outweighs the annual losses. Owners who lose $50 million over 10 years and watch the franchise appreciate by $60 million are called investors. Owners who lose $50 million and watch it appreciate $25 million are called former investors.' … [Read more...] about It's definitely not a seller's market for Rigas and the Sabres

'Then there's the Buffalo Sabres, which are owned by the Rigas family. The team reportedly is losing more than $10 million a year and the staggering decline in the Rigas family's wealth - more than $565 million since last June - makes those losses even harder to bear.' … [Read more...] about If it survives, Adelphia likely to cut jobs here

The Buffalo Sabres have endured all sorts of dilemmas in their history. They had that no goal controversy, crucial injuries at key times and bitter battles between a GM and a head coach. All those pale by comparison with the problems the team is going through currently. … [Read more...] about Can the Sabres survive the storm?

'Pitts and others fear two scenarios, either of which could allow the Sabres to break their 30-year lease and move: that the Sabres or John Rigas could seek bankruptcy protection, or that the NHL could take over a troubled franchise and determine its fate. As Pitts said of any such scenario, "This could be the worst nightmare for Buffalo Sabres fans."' … [Read more...] about Hamister, Rich top list of possible team owners

'Thursday, in a bid to prop up the Sabres, New York State forgave a US$25-million loan linked to construction of the HSBC Arena. Joel Giambra, the elected head of Erie County, which includes Buffalo, said covenants prevent a buyer from moving the Sabres out of his city. "The Sabres are here to kick the ass of the Maple Leafs for a long time to come," Mr. Giambra … [Read more...] about A rust-belt city's fading high-tech hopes

'The problem for the NHL is that the value of the Sabres - already a struggling small-market team - is inextricably linked to Adelphia through loan guarantees and broadcast deals. No Adelphia, no Sabres, say financial experts. Hockey sources say it's unlikely another local buyer could step up to buy the club should the auditors and the markets sink Adelphia. Wither … [Read more...] about NHL's in trouble in U.S., too

'"The Sabres are going to be here for a long time," Giambra said. "There might be a change of ownership, but the team will stay right here in Buffalo in the HSBC Arena, and that's because we had the foresight and vision to negotiate that in the lease."' … [Read more...] about Giambra: Sabres not going anywhere

'The Rigases have not yet shown any signs of relinquishing ownership of the Sabres. They also have yet to quell any fears fans may have over the team being sold.' … [Read more...] about Rigas' woes have Sabres wondering

'"Could the Sabres survive as a stand-alone franchise without the weight of a large corporation, particularly a large communications company, behind it?" asked Jim Kelley, senior hockey writer for FOXSports.com. "No. The Knoxes couldn't do it, and I don't think there is a big enough corporate base here."' … [Read more...] about Does Adelphia crisis put Sabres on thin ice?

In a move that will improve the Sabres financial picture, lawmakers in the Assembly and Senate approved a pair of budget measures that will forgive $25 million in loans linked to the construction of the HSBC Arena. … [Read more...] about Sabres get some financial good news

'When business was good, the Rigas family could afford to lose an estimated $15-20 million annually on the Sabres, in hopes a few perks from the state and local governments could help them eventually get back to even or better. But in a matter of weeks, the Rigas family has lost more than 80 percent of its wealth. No, the Sabres aren’t connected to Adelphia … [Read more...] about A tall pile of pucks

'Kailbourne helped save the Bills, spearheading the drive to help the Bills sell $11 million worth of suites and premium seats, ensuring they'd stay in Buffalo for at least five years. Now Erkie Kailbourne, the 60-year-old retired banker who grew up in Wellsville, faces another gigantic challenge - helping save Adelphia Communications, which controls the fate of … [Read more...] about New chief is no stranger to challenge

'Actually no one knows for sure how bad their financial situation is, because they have yet to open their books. But when you have the amount of education that the Rigas sons have, their inability to put together a "story" for Wall-Street is not a good sign.' … [Read more...] about Rigas Silence Speaks Volumes

'Buffalo is what it is...a small-market. As long as the NHL doesn't have a salary cap or some kind of true revenue sharing, teams like the Sabres are always going to struggle. But that shouldn't be an excuse for underachieving.' … [Read more...] about Regier has some learning to do himself