National Hockey League

Sabres are sold to Pennsylvania man

Published Feb. 1, 2011 12:00 a.m. ET

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The Buffalo Sabres say owner Tom Golisano has agreed to sell the National Hockey League franchise and its related companies to Pennsylvania businessman Terry Pegula.

The team says the agreement was completed Tuesday afternoon and is subject to NHL approval.

Golisano isn't willing to say anything more about the impending sale until Thursday, when he'll hold a press conference with managing partner Larry Quinn.

Pegula is the founder and former president of the energy company East Resources Inc., which was sold last year to Royal Dutch Shell PLC for $4.7 billion.

The Sabres are in 10th place in the Eastern Conference and six points behind Atlanta for the eighth and final playoff spot.

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