Buffalo, NY (My Sportsbook) - Rochester billionaire and failed gubernatorial candidate B. Thomas Golisano is expected to announce his purchase of the Buffalo Sabres at a Friday press conference at HSBC Arena. Golisano needs to first receive the final approval of the U.S. Bankruptcy Court and expects to hear by Friday morning. Golisano's offer is believed to be worth over $50 million. The sale of the team became necessary when owner John Rigas and two sons were indicted on fraud charges following the collapse of Adelphia Communications. The league has been supervising operations of the Sabres. The Sabres are expecting $24 million in losses this season and owe $22.9 million on a loan for the construction of a new arena. The Sabres also owe an additional $7 million to some unsecured debtors. One attempt to sell the team unraveled weeks back, when Buffalo businessman Mark Hamister announced that he had to suspend his purchase of the Sabres because of a lack of financing. A bankruptcy court granted the Sabres up to $25 million in financing last month when the team filed for bankruptcy protection. Sabres officials announced several weeks back that the team would have enough money to finish out the season. |
