© 2024 Western New York Public Broadcasting Association

140 Lower Terrace
Buffalo, NY 14202

Mailing Address:
Horizons Plaza P.O. Box 1263
Buffalo, NY 14240-1263

Buffalo Toronto Public Media | Phone 716-845-7000
WBFO Newsroom | Phone: 716-845-7040
Your NPR Station
Play Live Radio
Next Up:
0:00 0:00
Available On Air Stations

Giambra Says Sabres Bankruptcy a Possibility

By Mark Scott

Buffalo, NY – The Buffalo Sabres might have to declare bankruptcy to settle their $157 million debt to Adelphia Communications before the franchise can be cleared for any potential sale.

Erie County Executive Joel Giambra said Tuesday that a Sabres bankruptcy may be inevitable. Giambra said he learned of the prospect of bankruptcy following numerous discussions with various ownership groups that have expressed interest in buying the team.

The Sabres signed a 25-year lease to move into HSBC Arena in 1996. And that's why the prospect of bankruptcy is troubling. It could delay the sale of the team and potentially jeopardize the lease agreement -- freeing up the possibility of Sabres moving elsewhere.

In bankruptcy proceedings, a judge has the power to negate any binding agreements if they are ruled to hamper the interests of creditors.

Adelphia itself declared bankruptcy last June.