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| Friday, February 28 Updated: May 20, 8:18 PM ET Golisano confident all parties will be satisfied Associated Press |
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BUFFALO, N.Y. -- B. Thomas Golisano could own the bankrupt Buffalo Sabres within 10 days.
''I wouldn't be surprised that in the next 10 days that we could have something really resolved here,'' the Rochester billionaire said during the third period of Buffalo's 5-3 victory over the Dallas Stars on Friday night.
''The league saw to it just recently in the last couple days that we have all the documents necessary,'' Golisano said. ''We'll be reviewing them this weekend and the early part of next week.''
Golisano said the NHL has not officially accepted his offer.
If he can't finalize an agreement in the next 10 days, Golisano said he'll target getting a deal done by the end of the regular season.
Golisano's initial offer of about $33 million was rejected by the league last November. It failed to satisfy conditions set by Adelphia Communications, one of the nation's largest cable television companies and the Sabres' largest creditor.
Golisano's new offer would have to be at least $50 million, taking into account a $22.9 million loan taken out on the construction of HSBC Arena, the Sabres' home, as well as the $20 million to $23 million the team projects to lose this season.
The Sabres also owe a reported $7 million to several unsecured creditors.
Adelphia, which filed for Chapter 11 bankruptcy protection last summer, has considerable say in determining the Sabres' next owner. The company is owed about $130 million that former Sabres owner and former Adelphia CEO John Rigas used to buy and run the team in the 1990s.
Golisano said Adelphia and the bankruptcy judge approving his bid will not be a problem.
''It's being done in conjunction,'' he said. ''The league pretty much has the say. It is with the approval of the Adelphia people we think the bankruptcy thing will come right in place.''
The NHL appears confident about Golisano's offer, and directed Sabres general manager Darcy Regier to consult with the prospective owner before a trade earlier this week of forward Vaclav Varada to Ottawa. |
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