Archives for January 2003

'The Sabres have ignored their financial and ownership mess and are playing some of their best hockey of the season. They are 4-1 in their past five, including a 3-2 victory over Montreal on Saturday.' … [Read more...] about Wild Game Day vs. Buffalo

' The Sabres filed for Chapter 11 bankruptcy protection Monday in Buffalo, where the team is reorganizing its finances for prospective buyer Mark Hamister. On the ice, the team is playing its best hockey of the year.' … [Read more...] about Buffalo Sabres at Wild

'The NHL has been operating the Sabres since June, when owner John Rigas' Adelphia Cable empire imploded. The Sabres listed debts of more than $200 million, including deferred salaries to about half a dozen players and $750,000 to the city of Buffalo for ground rent at HSBC Arena.' … [Read more...] about Sabres Seek Protection in Chapter 11 Filing

So now, its official. The Buffalo Sabres have joined the Ottawa Senators in filing for bankruptcy protection. By doing so, they completed a double-dip that prompted National Hockey League commissioner Gary Bettman to engage in contortions of logic that were right out of the Monty Python witch debate. … [Read more...] about The Last Word

'Even if Bettman and the owners succeeded in gutting the National Hockey League Players' Association, it's hard to imagine a league salary cap being less than what the Sabres and the Senators are paying for talent right now. So where's the great saving?' … [Read more...] about Setbacks put Bettman on the power play

'The Sabres listed more than $200-million (U.S.) in debt, including $442,199 owed to the Vancouver Canucks and more than $300,000 owed to three players for deferred signing bonuses. The Canucks had no idea they were owed money and general manager Brian Burke spent yesterday trying to figure out what the money was for. A source said the debt could relate to a contract for … [Read more...] about Insolvency ignites dispute

While Perreault does not hold any front-office position with the club - hes a goodwill ambassador who makes 25 appearances a year on behalf of the club - he cannot help but feel the pain as the teams future hangs in the balance. He believes that in order for franchises like Buffalo, Ottawa and Calgary to survive, a salary cap must be put in place. … [Read more...] about Mr. Sabre would hate to see Buffalo lose team

'So in an attempt to allow the recently bankrupt Buffalo Sabres to benefit from the wisdom of our experience (while at the same time conveniently fulfilling the terms of our plea bargain with the IRS), we present the Top 10 Things That Can Be Done to Ease the Sabres' Financial Burdens.' … [Read more...] about Helping save the Sabres

'"We now are comfortable -- subject to final bankruptcy court approval -- that there are adequate funds to see the operation of the franchise through to the end of the season if necessary and effectuate the sale to Mark Hamister and Todd Berman."' … [Read more...] about Sabres Second Team in Week to File for Bankruptcy

'``The Sabres are in a real tough situation -- much worse than Ottawa,'' said Sal Galatioto, head of Lehman Brothers Inc.'s sports lending unit. ``In Ottawa, at least you have stable employment with the federal government, but in Buffalo, if they didn't already have a team, nobody would put one there.''' … [Read more...] about NHL's Buffalo Sabres Seek Bankruptcy Protection

'Brad May, Phoenix Coyotes: $104,128 in deferred compensation.' … [Read more...] about Sabres' creditors holding the 10 largest unsecured claims

'"Not only could the plight of the Senators and the Sabres be used as a way to get a salary cap, it should be used," said Marc Ganis, president of SportsCorp Ltd. and a sports finance analyst. "The problems with many teams out there is that there is no connection between salaries and revenues and teams are losing 15 to 20 percent of their asset value in … [Read more...] about Does labor war start at Chapter 11?

'The Buffalo News has not been a simple reporter of facts in these matters. It has relentlessly pimped the Hamister deal, not only in its editorial columns again and again, but also with puff pieces on its front pages.' … [Read more...] about Pimps and sharks

'As patient and methodical as Hamister is reputed to be, do you think this purchase package got put together without once sitting down and figuring out how one-third of the plan was going to happen? They know how it’s going to end--this is just the “public hearing-on-the-radio” period when we all figure out why putting taxpayer dollars into the … [Read more...] about Puckvoice

'The team was expected to list liabilities of some $238 million with assets of about $68 million.' … [Read more...] about Sabres file for bankruptcy