Ebenezer
01-07-2003, 07:26 AM
WGR radio has obtained a copy of the Galisano bid. Here are some of the gritty details:
1. Both bids were for $61 million.
2. Galisano's bid asked for no state money.
3. Galisano's bid still asked for similar amounts of city and county money.
4. Galisano's bid included a $13 million promisary note to Adelphia IF THE SABRES BECAME PROFITABLE.
It would appear the lynch pin in the deal is the amount paid to Adelphia and when. Adelphia and its creditors (since they are in bankruptcy) has to sign off on any deal including the Sabres or they could force the team into bankruptcy. So, imo, Bettman chose the Hamister bid to appease Adelphia in order to get the deal done now, and keep the team in town with no risk, rather than have Adelphia push the issue.
1. Both bids were for $61 million.
2. Galisano's bid asked for no state money.
3. Galisano's bid still asked for similar amounts of city and county money.
4. Galisano's bid included a $13 million promisary note to Adelphia IF THE SABRES BECAME PROFITABLE.
It would appear the lynch pin in the deal is the amount paid to Adelphia and when. Adelphia and its creditors (since they are in bankruptcy) has to sign off on any deal including the Sabres or they could force the team into bankruptcy. So, imo, Bettman chose the Hamister bid to appease Adelphia in order to get the deal done now, and keep the team in town with no risk, rather than have Adelphia push the issue.