BUFFALO, N.Y., March 14 (UPI) -- The NHL Friday introduce Tom Golisano as the new owner of the financially-troubled Buffalo Sabres.
The Buffalo News has reported that Golisano, a 61-year-old billionaire, reached an agreement in principle with Adelphia Communications, the Sabres' main creditor, late Thursday night, with Golisano paying off loans still owned to Adelphia.
"This represents an opportunity for the Sabres to move forward, and for the fans to know that there is a commitment to be here," said NHL Commissioner Gary Bettman.
The paper reported Golisano's commitment will exceed $80 million, plus future operating losses, and include a payment of more than $50 million in cash.
Even if the agreement is signed, there will remain a 30-day period in which someone else could put in a higher bid through U.S. Bankruptcy Court, but that is considered unlikely.
Golisano, the founder of Rochester, N.Y.-based Paychex, the nation's second-largest payroll-processing company, failed last fall in his third bid to become governor of New York.
"I want to thank all of you who voted against me in the last election because, quite frankly, I wouldn't be here today," Golisano joked.
He had earlier set his sights on the Sabres, but his initial bid was rejected by the NHL in November, and instead was given to a group headed by Buffalo businessman Mark Hamister.
Hamister, however, was unable to land the necessary funding and assistance from New York State. He then surrendered his offer and the NHL again re-opened the bidding process.
Hamister's reported bid of $65 million included the Sabres, Buffalo Bandits of the National Lacrosse League, the relating companies associated with the two teams, and the rights to HSBC Arena.
The Sabres, who joined the league in 1970, have been run by the NHL since June, after John Rigas and his two sons were indicted on fraud charges following the collapse of Adelphia Communications.
Rigas has been accused of stealing hundreds of millions of dollars from Adelphia, leaving the team in financial ruin and despair.
In 1969, brothers Seymour and Northrup Knox were awarded the expansion franchise and controlled it for the next 30 years.
Seymour Knox died in 1996, and Northrup Knox arranged the sale of the Sabres to the Rigas family just before his death in 1998.
The Sabres were one of two teams to file for bankrupty in January, joining the Ottawa Senators.
Buffalo is just 21-32-9-7, and is in 14th place in the Eastern Conference standings.
