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Sabres file for bankruptcy protection
Looks like they are clearing the slate for the next buyer...
From NHL.com:
The Buffalo Sabres filed for bankruptcy protection Monday, becoming the second NHL team in a week to seek relief from creditors.
Commissioner Gary Bettman said the Chapter 11 filing in U.S. Bankruptcy Court in Buffalo is a step toward resolving the financial problems that put the Sabres under the league's control in June. The team is for sale.
"It will enable the Sabres to secure financing that will allow them to continue to operate in the ordinary course, subject to league supervision, while the sale process is completed," said Bettman, who planned a news conference Monday afternoon.
Court papers indicate the team owes its 40 largest creditors more than $206 million. Creditors include the City of Buffalo, which lists a $750,000 claim for ground rent, and current Sabres players Curtis Brown ($133,000), Jay McKee ($133,000) and Brian Campbell ($25,000), owed deferred signing bonuses. The NHL's Pension Society lists a $29,937 claim.
Other creditors include the Vancouver Canucks, who list a $442,000 claim for an unspecified contract, and former Sabres player Brad May (now of the Phoenix Coyotes), who's owed $104,000 in deferred compensation.
The Ottawa Senators filed for bankruptcy protection Thursday with a debt load of more than $160 million.
Full Story
Is Hamister still involved with the purchase?
Would you support the team if they went public?
From NHL.com:
The Buffalo Sabres filed for bankruptcy protection Monday, becoming the second NHL team in a week to seek relief from creditors.
Commissioner Gary Bettman said the Chapter 11 filing in U.S. Bankruptcy Court in Buffalo is a step toward resolving the financial problems that put the Sabres under the league's control in June. The team is for sale.
"It will enable the Sabres to secure financing that will allow them to continue to operate in the ordinary course, subject to league supervision, while the sale process is completed," said Bettman, who planned a news conference Monday afternoon.
Court papers indicate the team owes its 40 largest creditors more than $206 million. Creditors include the City of Buffalo, which lists a $750,000 claim for ground rent, and current Sabres players Curtis Brown ($133,000), Jay McKee ($133,000) and Brian Campbell ($25,000), owed deferred signing bonuses. The NHL's Pension Society lists a $29,937 claim.
Other creditors include the Vancouver Canucks, who list a $442,000 claim for an unspecified contract, and former Sabres player Brad May (now of the Phoenix Coyotes), who's owed $104,000 in deferred compensation.
The Ottawa Senators filed for bankruptcy protection Thursday with a debt load of more than $160 million.
Full Story
Is Hamister still involved with the purchase?
Would you support the team if they went public?
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