LIVE VIDEO: Channel 2 News Daybreak    Watch
 

Buffalo Sabres Sale to Terry Pegula To Be Announced Shortly

4:11 PM, Dec 29, 2010   |    comments
  • Share
  • Print
  • - A A A +
  • Terrence Pegula
    

BUFFALO, N.Y. (WGRZ) -- A source close to the situation tells 2 On Your Side's Scott Brown that the sale of the Buffalo Sabres to Pennsylvania billionaire Terry Pegula is expected to be announced at some point after the World Juniors Championship wraps up next week.

We're told the timing of the announcement is being dictated by Sabres owner Tom Golisano.

Golisano doesn't want an announcement regarding the sale of the team detracting attention from the tournament, which is a point of pride for the Sabres' organization.

Our source says that Golisano has reached an agreement in principle for the sale of the team to Pegula.

Now, the only thing left in terms of Pegula owning the team is approval by the NHL's Board of Governors, but given Pegula's wealth, and his commitment to keeping the team in Buffalo, that's expected to be a mere formality.

Given that, it's possible that Pegula could take over the team before the end of this season.

As part of the sale, it's expected that team President Larry Quinn and Chief Operating Officer Dan DiPofi, who both own small pieces of the team, would be bought out as well.

Pegula is expected to bring in his own management team.

Quinn denied to 2 On Your Side that any sale of the team is imminent.

Golisano saved the team in Buffalo when he bought it out of bankruptcy for $92 million, which included about $30 million in debt, in April of 2003. However much, if not all of that debt was forgiven.

With a sale price estimated at about $175 million, Golisano could make about $100 million in the deal. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Most Watched Videos