The Buffalo Sabres were today denying a report from the Buffalo-area Western New York Hockey magazine that Tom Golisano is seeking a buyer for the Buffalo Sabres. The article reports that Canadian businessman Jim Balsillie has been approached by Sabres minority owner Larry Quinn or an associate. The article says that a deal could be struck where the Sabres play part of a home schedule in Hamilton's Copps Coliseum.
The article also talks about concern from the league. It says the NHL is aware of the discussion, and is concerned that the owners are eager to sell, and could accept a price lower than recent deals. A source in the league said that anything less than $200-million would “send the wrong signal” about how much a franchise is worth.
Then there was the article over the weekend that suggested that the Phoenix Coyotes are expected to lose between $25- and $35-million this year and with his primary business under financial duress, owner Jerry Moyes may not be able to cover the hockey team's losses any longer. The Coyotes signed a 30-year lease with the city of Glendale, Ariz., when they moved into Jobing.com arena in December, 2003. Terms impose a large financial penalty for breaking the lease. However, if the team is placed into bankruptcy protection, or Chapter 11, the lease could be broken under U.S. law. Without the lease, the team could more easily be sold and relocated.
Meanwhile, Nashville owner Boots Del Biaggio was charged last week financed his stake in the NHL's Nashville Predators through an elaborate $65-million scam he set up to also offset large gambling debts and sustain his opulent lifestyle, U.S. federal prosecutors allege. He could be looking at 8 to 10 years.
Gary Bettman sure knows how to pick those owners. What a week for the NHL.
12 years ago
