Sabres announce agreement to sell team

Sports Network

, Last Updated: 3:31 PM ET

BUFFALO -- Buffalo Sabres owner Tom Golisano has reached an agreement to sell the team and its related companies to billionaire Terry Pegula.

The agreement was reached Tuesday at 1 p.m. (et), the team said in a release, and is subject to review and approval by the NHL in a process that could take several weeks.

Golisano and managing partner Lawrence Quinn, a minority owner, will hold a press conference Thursday about the agreement, but Pegula will not be there.

The team said it would have no further comment until then.

Pegula, the founder and former chief executive of East Resources, donated $88 million to Penn State in September to help fund an arena and establish a Division I men's ice hockey program at the university.

The gift also paved the way for the creation of a Division I women's ice hockey program and enhanced figure skating opportunities, the school said at the time.


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