"Sabres file for bankruptcy protection
Last Updated Mon, 13 Jan 2003 12:36:45
BUFFALO, N.Y. - The Buffalo Sabres hockey club has filed for bankruptcy protection.
The team is believed to have liabilities of about $238 million US, and assets of about $68 million US.
The National Hockey League confirmed the filing Monday morning.
The Sabres are the second NHL team to file for bankruptcy protection in the past week. Ottawa Senators filed on Thursday, owing creditors $160 million.
The Sabres filing was expected, and will give the team time to restructure and stabilize its financial situation, Buffalo Mayor Anthony Masiello said.
Buffalo businessman Mark Hamister has been trying to buy the Sabres, but is waiting for financial backing from the state of New York. "
http://cbc.ca/stories/2003/01/13/sabres_030113Cripes, what's happening to the NHL?
