Its a done deal.
Terry Pegula is the new owner of the Buffalo Sabres. "related companies" refers to the Buffalo Bandits professional indoor lacrosse team.
Here's the official release from the team.
BUFFALO, NY (February 1, 2011) -- The Buffalo Sabres today announced that Tom Golisano has reached an agreement to sell the Buffalo Sabres and its related companies to Terry Pegula. The agreement, completed at 1 p.m. today, is subject to certain closing conditions including review and approval by the National Hockey League. It is expected the NHL review process will take several weeks to complete.
Tom Golisano and Larry Quinn will hold a press conference on Thursday at Noon in HSBC Arena. There will be no further comment until the press conference.
Terry Pegula will not be at Thursday’s press conference.
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Welcome to February. Buckle your chinstraps because there will be a lot of activity in the days to come!
First and foremost, Tom Golisano will announce Thursday that he has sold the Buffalo Sabres to Terry Pegula for $189 Million. The Sabres ownership group will discuss the desl on Thursday morning. I'm told that Pegula will hold his own presser, perhaps on Friday.
Business will happen as usual between now andf the end of the season, save the ownership change. GM Darcy Regier will remain on board, and will be charged with the task of improving the Buffalo roster in order to gain entry into the top eight of the Eastern Conference.
The Sabres are 9-3-1 in their past 13 games, and the winning is due largely to the contributions of Regier's youngsters-- Stafford, Ennis, Gerbe, Myers, Vanek, Weber, Byron, and Pominville. Do not be surprised if Regier off loads UFAs-to-be Rivet, Connolly, Niedermayer, and perhaps Grier. Steve Montador will also be UFa this July 1, however, he's made significant contributions at both ends of the ice in the past two seasons, and he has created real value for himself. Clearing out the remainder of Connolly's $4.5 million deal will clear the way to add a player, or two, at the trade deadline. Jochen Hecht may be a candidate for a trade as well as his production has fallen off in the past two seasons.
If the youth movement is working, why flip the script now? With multiple games in hand, the Sabres will have to play .600 - .700 hockey for the remainder of the regular season. The kids are performing, so why not continue to reward them with additional ice time?
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