Sabres Owners To Buy Out Co-Owners
BUFFALO, N.Y. (AP) _ The Rigas family, owner of Adelphia Communications, has reached a tentative agreement to buy out minority partners in the Buffalo Sabres and take full ownership by March 15.
The deal with the approximately one dozen owners called the Knox-Buffalo Group still requires approval from the NHL, Adelphia president John J. Rigas said.
``I think this time we have it nailed down, and the transfer will occur, and everybody is on board,″ Rigas was quoted as saying in Monday’s editions of The Buffalo News.
Rigas, 75, said he does not expect NHL approval to be any problem. The Rigas became majority owners of the hockey club in March 1998.
Howard T. Saperston Jr., a member of the Knox-Buffalo Group, confirmed a March 15 date has been targeted for finalizing the transaction.
Completing the transfer of the Sabres to the Rigas family is considered a vital step toward redeveloping Buffalo’s Inner Harbor. A 1,000-employee operations center that Adelphia proposes for a location near Marine Midland Arena would be the anchor of the planned $150 million urban entertainment district on the waterfront. Those plans are still in the negotiations stage.
Adelphia is a national cable company based in Coudersport, Pa.