Hamister given extension to buy Sabres
January 10, 2003 Print it
BUFFALO, N.Y. -- Buffalo businessman Mark Hamister was granted a one-week extension by the NHL on Friday to buy the financially troubled Sabres.
Hamister is trying to secure the necessary state government financing.
"The league felt that we had made an adequate level of progress to grant us a one-week extension," he said. "I'm an optimist. I'm the type of person that works within the parameters I can control."
Calls by The Associated Press to the NHL were not immediately returned.
This is the second one-week extension the NHL has granted Hamister and majority partner Todd Berman, a New York City financier.
Hamister has stressed that no public funds would go toward the reported $70 million purchase of the franchise.
While the league awarded Hamister and Berman conditional approval to buy the team last November, their bid hinges on whether Gov. George Pataki approves a $33 million assistance package.
Without that assistance, Hamister has said he'll relinquish his purchase bid, opening the possibility of the Sabres folding or moving after the season.
Hamister's request for state aid involves refinancing a $22.9 million loan on the construction of HSBC Arena, the Sabres' home, and $10 million in capital improvements to the 6-year-old building.
"There's an honest dialogue going on between professional people with good ideas," Hamister said. "It's probably not unlike a sporting event: The only thing that counts is the final result."
He wouldn't rule out requesting another extension.
"Having said that, I'm going to do everything I can to complete it by next Friday," he said.
Hamister is having discussions with Empire State Development Corporation officials, but nothing has yet reached the governor's desk, Pataki spokeswoman Suzanne Morris said Thursday.
Hamister also has sought public assistance from county and city governments. While city councilors have turned down Hamister's request to waive the annual $500,000 in ground rent for the arena, Erie County executive Joel Giambra supports the construction of a $7 million parking ramp, which would serve the arena and the region's commuters.
Hamister has also requested the county provide the Sabres an annual $1 million capital improvement grant for the arena and that all proceeds from a 2.5 percent county event tax be used to cover arena expenses.
Copyright 2003 Associated Press. All rights reserved
