Archives for May 2002

'Sources tell News-4 Sports, that John Rigas wants any deal relinquishing control of the Sabres to include a guarantee that they stay in Buffalo.' … [Read more...] about Rigas Holds on to Sabres…For Now

'Alexander Eleczko met Ron Barrett and Ken Bak for the second time Wednesday, but he can be forgiven if he doesn't remember the first time. His heart wasn't beating, and he had collapsed between rows of seats in HSBC Arena prior to a Buffalo Sabres game.' … [Read more...] about From stricken hockey fan, hearty thanks to rescuers

'As for the Buffalo Sabres, it's impossible to tell whether the National Hockey League franchise might get pulled into bankruptcy wrangling, experts said. Investigators reportedly are looking at the team's ties to the cable company, including whether Adelphia backed Sabres debts.' … [Read more...] about Bankruptcy would cut jobs but not service

Hockey commentator and former Sabre Mike Robitaille did the honors [Buffalo Broadcast Pioneers Hall of Fame] for inducting the late Ted Darling, longtime announcer for the hockey team. … [Read more...] about Hall of Fame inducts six on historic night

'"Certain personalities just clash," said Nolan, who rejected an extension with the Sabres after the 1996-97 season, then passed on a four-year offer to coach Tampa Bay several months later. "I don't think I did anything wrong."' … [Read more...] about Former Coach Ted Nolan Hopes Rangers Post Gets Him Back to NHL

'Adelphia intends to disclose in a Securities and Exchange Commission filing by today that it bought furniture from a company the family owns, allowed personal use of company airplanes and other perks, provided financing of a golf course built for the family, and was somehow involved in the family's purchase of the Buffalo Sabres hockey team, the paper said, citing … [Read more...] about Adelphia to Describe Rigas Family-Related Activities, NYT Says

'Adelphia's investment in the National Hockey League team was never fully disclosed, and it is not clear whether the company's founder, John Rigas, borrowed money to buy the team as part of a lending agreement in which Adelphia was liable for the family's purchase, or whether the family had the company itself make the acquisition, the newspaper said.' … [Read more...] about Adelphia invested in family's NY hockey team-report

'Adelphia's internal investigators are still unsure about Adelphia's investment in the Sabres hockey team, these people said. The internal investigators believe that the Rigases used Aldephia money to invest in the team beginning in 1994, according to these people. Now, these people said, it appears that the Rigases may have also used company money to support the … [Read more...] about Adelphia Is Said to Plan Disclosures of Dealings

'Basically, it will come down to this: Any owner willing keep this franchise in Buffalo will bet the annual rate of appreciation outweighs the annual losses. Owners who lose $50 million over 10 years and watch the franchise appreciate by $60 million are called investors. Owners who lose $50 million and watch it appreciate $25 million are called former investors.' … [Read more...] about It's definitely not a seller's market for Rigas and the Sabres

'Then there's the Buffalo Sabres, which are owned by the Rigas family. The team reportedly is losing more than $10 million a year and the staggering decline in the Rigas family's wealth - more than $565 million since last June - makes those losses even harder to bear.' … [Read more...] about If it survives, Adelphia likely to cut jobs here

The Buffalo Sabres have endured all sorts of dilemmas in their history. They had that no goal controversy, crucial injuries at key times and bitter battles between a GM and a head coach. All those pale by comparison with the problems the team is going through currently. … [Read more...] about Can the Sabres survive the storm?

'Pitts and others fear two scenarios, either of which could allow the Sabres to break their 30-year lease and move: that the Sabres or John Rigas could seek bankruptcy protection, or that the NHL could take over a troubled franchise and determine its fate. As Pitts said of any such scenario, "This could be the worst nightmare for Buffalo Sabres fans."' … [Read more...] about Hamister, Rich top list of possible team owners

'Thursday, in a bid to prop up the Sabres, New York State forgave a US$25-million loan linked to construction of the HSBC Arena. Joel Giambra, the elected head of Erie County, which includes Buffalo, said covenants prevent a buyer from moving the Sabres out of his city. "The Sabres are here to kick the ass of the Maple Leafs for a long time to come," Mr. Giambra … [Read more...] about A rust-belt city's fading high-tech hopes

'The problem for the NHL is that the value of the Sabres - already a struggling small-market team - is inextricably linked to Adelphia through loan guarantees and broadcast deals. No Adelphia, no Sabres, say financial experts. Hockey sources say it's unlikely another local buyer could step up to buy the club should the auditors and the markets sink Adelphia. Wither … [Read more...] about NHL's in trouble in U.S., too

'"The Sabres are going to be here for a long time," Giambra said. "There might be a change of ownership, but the team will stay right here in Buffalo in the HSBC Arena, and that's because we had the foresight and vision to negotiate that in the lease."' … [Read more...] about Giambra: Sabres not going anywhere