Updated: Thursday, 03 Feb 2011, 2:05 PM EST
Published : Thursday, 03 Feb 2011, 1:32 PM EST
BUFFALO, N.Y. (AP) - Buffalo Sabres owner B. Thomas Golisano will make a hefty profit when he sells the NHL team he bought out of bankruptcy in 2003 to Pennsylvania businessman Terry Pegula.
But he says Thursday the windfall could have been even greater if he'd accepted an earlier offer for $70 million more from someone he wouldn't identify. The deal-breaker — it would've meant moving the team from Buffalo.
Golisano says he's selling the Sabres now in part because of a new government-related venture he'll announce in Washington later this month. The billionaire businessman has run unsuccessfully three times for governor in New York.
The $189 million sale is expected to close within 30 days, pending NHL and governmental approval.
Minority owner Larry Quinn will step down as managing partner.
- Tom Golisano, Larry Quinn and Dan DiPofi spoke and answered questions
- Per contract, Terry Pegula cannot move the team out of Buffalo. Golisano turned out better offers to ensure team would remain in WNY
- Quinn also out once transaction is completed
- Golisano summarized team & business successes since he purchased the team
- Small number of players are on a list that cannot be traded before Pegula takes over
- Buffalo Bandits also included in the sale
- Golisano convinced to sell after move to Florida and a new business interest he's involved in