How does news about a hockey passionate billionaire purchasing the Buffalo Sabres sound? Couldn’t be better! Well what a time for the first Buffalo Sabres’ story on our website.
In the Buffalo News this morning Bucky Gleason wrote an article about the growing speculation that the Buffalo Sabres are for sale. His article talked about how Pennsylvania business man Terry Pegula could be a potential suitor to buy the Sabres. Pegula has ties to Western New York, a boat load of money (#110 on Forbes 400) and a passion for hockey. Sounds like a fit.
Fast forward to about 10 a.m. when a report from Ken Campbell of The Hockey News came out. Campbell reported that Pegula had signed a letter of intent to purchase the Sabres for about $150 million.
Shortly after the Campbell report, Sabres’ managing parter Larry Quinn issued this statement:
“Reports regarding the sale of the Buffalo Sabres tend to surface from time to time. There have been several inquiries in the past few years regarding this subject. Our company policy is we do not comment on them because people make inquiries all the time. Some of these inquiries are serious, some are not, some make the media and others do not. The report that a $150 million letter of intent has been signed is simply not true.”
Well of course Quinn isn’t going to come right out and say an agreement has been reached, but notice how he says an agreement for $150 million hasn’t been reached. That may very well be the case, but as The Hockey News stated the letter intent was believed to be about $150 million. Maybe they reached a deal for $151 million….Sabres’ fans can only hope.
As of 1 p.m. there hasn’t been anything new to report, but as you can see there are still a lot of questions that need to be answered.
From my perspective I would be heavily in favor of Pegula purchasing the team. From everything I’ve heard he sounds like a great guy that has a real interest in the NHL. Pegula, the CEO of East Resources, recently donated $88 million to Penn State to fund a Division I hockey program. I appreciate Tom Golisano keeping the Sabres in Buffalo, but Pegula sounds like the guy that would do anything to get Buffalo a Stanley Cup!
Update: Here is an update of the Sabres potential ownership change.
Campbell of The Hockey News wrote an updated article late Tuesday afternoon explaining the potential sale of the Sabres.
Here is an excerpt from the article:
“A source with knowledge of the dealings told THN.com the announcement of the Sabres sale is expected sometime in late December or early January. The fact the Sabres are downplaying the report has to do with semantics. In fact, the source also said NHL commissioner Gary Bettman is expected to introduce Pegula to the owners at the Dec. 6-7 board of governors meetings in Palm Beach, Fla.”
Here is a new article from Gleason today that provides a little more details into the dealings that are going on.
And finally, late Wednesday morning an AP report was released stating that Golisano has not yet decided if he’s going to sell the team, but he’s strongly considering it.
As of right now it looks pretty close to being finalized and it’s just a matter of when, not if. We’ll have more stories in the upcoming weeks on this topic, but it looks like great news for the Sabres’ franchise.