Golisano completes purchase of Sabres

[Shell]

Golisano completes purchase of Sabres
Canadian Press
4/23/2003

BUFFALO (CP) - Rochester billionaire Thomas Golisano has completed his $92-million purchase of the NHL's Buffalo Sabres.

Golisano made the announcement at a news conference Wednesday afternoon in Buffalo, where he pledged to make Sabres games cheaper for fans and business by dropping the prices of season tickets and luxury suites.

``We are going to roll back season ticket prices back to the 2001-2002 season,'' he said. ``My guess is in professional sports this is almost unheard of. But we think it's of paramount importance to the community.''

Toronto billionaire Eugene Melnyk has submitted a bid to buy the Ottawa Senators and is in negotiations with creditors.

[Shell]

Golisano completes purchase of Sabres
Canadian Press
4/23/2003

BUFFALO (CP) - Rochester billionaire Thomas Golisano has completed his $92-million purchase of the NHL's Buffalo Sabres.

Golisano made the announcement at a news conference Wednesday afternoon in Buffalo, where he pledged to make Sabres games cheaper for fans and business by dropping the prices of season tickets and luxury suites.

``We are going to roll back season ticket prices back to the 2001-2002 season,'' he said. ``My guess is in professional sports this is almost unheard of. But we think it's of paramount importance to the community.''

Toronto billionaire Eugene Melnyk has submitted a bid to buy the Ottawa Senators and is in negotiations with creditors.

[crazy4canes]

Great news for Buffalo fans! :) :spin:

[crazy4canes]

Great news for Buffalo fans! :) :spin:

[Shell]

Toronto billionaire Eugene Melnyk has submitted a bid to buy the Ottawa Senators and is in negotiations with creditors.

New Sens owner by Friday
Canadian Press
5/8/2003

OTTAWA (CP) - The Ontario Superior Court could approve the sale of the insolvent Ottawa Senators to pharmaceutical billionaire Eugene Melynk as early as Friday.

The Ottawa Citizen has learned that Melnyk reached a tentative separate agreement for the Corel Centre on Tuesday. While some details still have to be settled - particularly the $21-million provincial loan for the Highway 417 interchange at the arena, and municipal services - the deal for the Corel Centre is sufficiently solid for the sale of the team to proceed.

The total package price for the team and the arena is between $130 million and $150 million.

Ontario Superior Court Justice James Chadwick will consider a formal deal for the hockey club Friday. The deal for the team was reached April 26 and honed in 15 subsequent drafts.

The provincial cabinet has yet to officially approve a deal on the highway loan - a potential issue in an election that could come as early as June - but Melnyk has a tentative deal for the Corel Centre with Covanta Energy Corp., the effective owner.

It is unlikely the deal for the team and the arena can formally close before the Senators' playoff run ends - even with a Stanley Cup victory or loss in early June. The sale of the Corel Centre will have to be approved by a Manhattan court handling the bankruptcy proceedings of Covanta.

Melnyk stepped into the formal bidding after outgoing majority owner Rod Bryden's last bid was rejected Feb. 27 and reached a binding deal with bank creditors and the NHL for the team just two months later.

If the court approves the team sale to Melnyk, the first payments to major secured creditors will follow.

The Senators owe more than $200 million to more than 400 creditors. But only the Canadian Imperial Bank of Commerce and Boston-based Fleet National Bank, which are owed $88 million; the NHL, owed $14.3 million; and the federal and provincial governments, owed more than $3 million in taxes, are likely to get full payment.

The Senators owe $12.6 million in player and staff payroll and deferred player contracts, which will likely be honoured at least in part by the new owner.

The Corel Centre, which was built for more than $220 million just six years ago, will likely sell for less than $30 million.

The Sens team filed for bankruptcy protection Jan. 9 after the banks rejected a refinancing bid by Mr. Bryden on New Year's Eve.

[talkingcanes]

I work with a woman who moved here from Buffalo last summer. her family had season tickets her whole childhood and she is thrilled they are staying in Buffalo. she is coming around to having a 2nd team though :beatup:

[Jeff O Rocks]

she is coming around to having a 2nd team though :beatup:

Good work talking!! ;)

[Shell]

LOL....

New Sabres owner Tom Golisano enjoyed his first draft and admits he's still learning about hockey. The one thing he's getting a crash course in is the CBA. “I'm still in the learning curve, but a lot of data and detail was given to owners,” Golisano says. “There's as strong an understanding of it now as there seems to have ever been.” Golisano says the possibility of a work stoppage didn't enter his thinking when he bid on the Sabres. He won't be welcomed into the owners club, however, if he continues to talk about lowering ticket prices as he did at the draft. . . .