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August 23, 2002
BUFFALO, N.Y. (AP) -- Two competing ownership groups joined forces Friday in a bid to buy the Buffalo Sabres, bolstering prospects for long-term stability of the financially troubled franchise.
Frank DuRoss, a Utica-based businessman, announced he is merging his efforts with a group headed by Sherry Bassin and Alan Maislin. The next step will be to formally submit a purchase offer to the NHL, which DuRoss expects will take place before the Sabres open training camp on Sept. 13.
``I think it's a significant step that we've merged these groups,'' DuRoss said, during a news conference held in front of HSBC Arena.
By making his merger announcement public, DuRoss hoped the news would help relieve fan fears regarding the franchise's future.
``We understand the fans' trepidation up until now,'' said DuRoss, referring to lagging season ticket sales. ``I believe the fans are probably waiting for a formal proposal and a legitimate group to materialize. And I'm here to tell them that it has materialized.''
Bassin did not return messages left for him by The Associated Press.
The Sabres' status has been in limbo since the NHL took control of the franchise in June as a result of John Rigas' financial troubles. Rigas, accused of stealing hundreds of millions of dollars from the Adelphia cable television company that he founded, remains the Sabres' owner in name only.
Two other prospective ownership groups have emerged. One is headed by Buffalo businessman Mark Hamister, owner of the Arena Football League Buffalo Destroyers, the other led by Rochester billionaire and New York gubernatorial candidate B. Thomas Golisano.
Neither group has yet submitted a bid for the Sabres.
The DuRoss-Bassin merger is considered the most significant step yet in securing the Sabres' future. The move brings together two parties that have both experience in sports management and the anticipated financial resources to afford the sale price, expected to be between $80 million and $100 million.
Bassin, who has 30 years' experience as a hockey executive, owns the Ontario Hockey League's Erie Otters, while Maislin is a multimillionaire whose family operates a major trucking firm near Montreal.
DuRoss owns the American Hockey League's Providence Bruins and brings with him significant NHL ties.
The NHL, which has set no deadline for selling the team, is expected to extensively review any bids for the Sabres before making a recommendation to its board of governors for approval. It's unclear how the team sale would affect the Sabres' $157 million debt to Adelphia.