Hamister suspends bid to buy Sabres
Buffalo, NY (Sports Network) - Buffalo businessman Mark Hamister has suspended his bid to buy the financially troubled Sabres. Hamister also said partner Todd Berman has withdrawn from the attempt to purchase the Sabres.
Hamister had been given a few extensions by the NHL in his attempt to buy the bankrupt team, but the league set a deadline of 5 p.m. Monday for him to sign an asset purchase agreement for the Sabres.
"As of today, the period of negotiating exclusivity granted to the Mark Hamister group for the purchase of the Buffalo Sabres has expired," said Bill Daly, executive vice president and chief legal officer of the NHL. "As a result, the club now is free to entertain other expressions of interest and offers to purchase the franchise. Mr. Hamister remains welcome to pursue the purchase.
"Our objective remains to find a purchaser who will maintain the franchise in Buffalo. We appreciate all the cooperation and support Adelphia has provided throughout this process."
The sale of the team became necessary when owner John Rigas and two sons were indicted on fraud charges following the collapse of Adelphia Communications. The league has been supervising operations of the Sabres.
Rochester billionaire and failed gubernatorial candidate B. Thomas Golisano has expressed interest in buying the Sabres.
Hamister and Berman had been seeking close to $40 million in public aid and obligations. The request includes a state refinancing of a $23 million loan on the arena and a $7 million county-funded parking deck. However, in a press release on Monday from Berman's company, New York City-based Chartwell Investments, it was noted government assistance was not in the plans to help the Hamister-Berman push to buy the team.
