NHL Grants Hamister Another Week Extension
By Eileen Buckley
Buffalo, NY – Mark Hamister has been granted another one week extension by the National Hockey League in his bid to buy the Buffalo Sabres.
But a published report today indicated that a key component of his bid may be in jeopardy. The report says the Pataki administration does not plan to approve a $23 million oan for refinancing Arena debt.
An unidentified source close to the negotiations says the state fears the money would go to financially troubled Adelphia. But Hamister says the article is "inaccurate." He says the government funding he is seeking will not be going to the bankrupt cable company.
Hamister says negotiations with the state will continue.
"I would characterize it as on-going dialogue and negotiations," Hamister said. "That on-going dialogue has yet to conclude. On that basis, I think it would be inappropriate for any of us to conclude that there is a final decision on anything."
Hamister says $23 million dollar loan was originally provided to the former owners of the Sabres, the Knox's family, and it needs to be re-financed. Hamister says he must show the NHL a "substantial" amount of progress in his ask to the government when he submits his final package.