Watch video: Sabres announce sale

Updated: Thursday, 03 Feb 2011, 2:29 PM EST
Published : Thursday, 03 Feb 2011, 1:09 PM EST

Posted by: Emily Lenihan

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.

>> Read Pegula's statement on the sale

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.

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