Updated: Monday, 31 Jan 2011, 9:45 PM EST
Published : Monday, 31 Jan 2011, 3:44 PM EST
The sale process for the NHL Buffalo Sabres is starting to pick up steam. Sources tell News 4 Sports the hockey club will hold a news conference Thursday, to announce that an agreement has been reached for Pennsylvania billionaire Terry Pegula to buy the team.
Pegula appeared before the Executive Committee of the NHL Board of Governors two days ago, to outline his purchase plan. Now it appears the plan is moving forward with an agreement to be announced, followed by approval by the full NHL Board of Governors.
Pegula is not expected to attend Thursday's announcement in Buffalo. It's believed he will remain quiet about his purchase plans, until he formally assumes ownership of the team and is approved by the Governors.
Approval of the Governors does not require a face-to-face meeting of NHL clubs. It's believed they can approve the sale by fax or e-mail, once the owners receive the report from the Executive Committee.
Pegula is reportedly ready to pay $175-million for the Sabres, and assume about $14-million in debt.
Current Sabres owner Tom Golisano is expected to be present for Thursday's news conference in Buffalo.