Author Topic: Sabres file for bankruptcy protection. (Read 259 times)

Thrawn · « **on:** January 13, 2003, 11:49:21 AM »

"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_030113

Cripes, what's happening to the NHL?

Tarmac · « **Reply #1 on:** January 13, 2003, 12:10:23 PM »

That does suck. On the bright side, the Wings are doing fine.

Seriously, I wish some of the new expansion teams would bite the dust. But that's capitalism for ya, I guess.

SunKing · « **Reply #2 on:** January 13, 2003, 12:17:35 PM »

The Flames are next..

Sabre · « **Reply #3 on:** January 13, 2003, 12:32:06 PM »

Oh...thought this was about me. For the record, I've quite solvent, thanks.

Sabre
CT Staff

gofaster · « **Reply #4 on:** January 13, 2003, 12:43:16 PM »

I wonder why these teams that are in trouble didn't just pack up and move to the cities where the expansion teams were awarded?

That's what the NFL would've done. Then again, this is just hockey, the 4th string sport in the television market. NFL, NASCAR, and NBA are the Big Three, and last I heard the Charlotte Hornets left town because they were going belly-up in Carolina. Last year several NASCAR teams were having financial troubles when their sponsors filed for bankruptcy - Kmart dropped its two teams. This year I don't expect to see the Conseco Pontiac being driving around the track either. I guess only the NFL is immune to economic ups and downs.

Thrawn · « **Reply #5 on:** January 13, 2003, 01:17:19 PM »

Quote

Originally posted by gofaster
I wonder why these teams that are in trouble didn't just pack up and move to the cities where the expansion teams were awarded?

Usually that's what happens. The Avalanche used to be the Quebec Nordiques. The Hurricanes used to be the Hartford Whalers.