BUFFALO, N.Y., April 10 (UPI) -- NHL Commissioner Gary Bettman announced Thursday the NHL Board of Governors and U.S. Bankruptcy Court had approved the sale of the Buffalo Sabres to billionaire Tom Golisano.
Golisano reportedly paid more than $80 million, plus future operating losses, for the Sabres.
"I really didn't come here to conduct business, it happened to be a coincidence," Bettman said in an improtu news conference while attending the NCAA hockey championship semifinals. "The bankruptcy court has appoved the sale to Tom Golisano. Secondly the NHL Board of Governors has finished its approval. That vote was conduected over the last few days."
The 61-year-old Golisano is the founder of Rochester, N.Y.-based Paychex, the nation's second-largest payroll-processing company. He failed last fall in his third bid to become governor of New York.
Former Sabres president Larry Quinn has served as Golisano's point man in the negotiations and said the final step in the sale is a closing, which is expected to take place in the next few days.
"It's like a house closing, no big deal," Quinn said. "Initially what we'll have to do is get out to our fans about ticket pricing next year, some basic hockey decisions, prepare for the draft, some potential player transactions."
Quinn was asked about the future of Sabres General Manager Darcy Regier, Coach Lindy Ruff and others in Sabres management.
"We'll be making those kinds of announcements after we close the deal," Quinn said. "We've been having a lot of discussion on that. I think we can make a decision after we close fairly quickly."
Quinn also said he does not expect ticket prices to go up.
Buffalo finished last in the Northeast Division with a 27-37-10-8 record last season.
Golisano 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, the team's major creditor.
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.
