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KNOX FAMILY SELLS SABRES TO ADELPHIA COMMUNICATIONS' RIGAS
Published January 5, 1998
Sabres Chair Northrup Knox and Adelphia Communications Corp. Chair John Rigas signed a memo of understanding calling for the restructuring of the Sabres under which Adelphia and Rigas would acquire control of the team and make a capital investment. Existing Sabres partners would receive a partial return of their investment while continuing to hold subordinate notes. As part of the agreement, Rigas was elected Interim Chair of the Niagara Frontier Hockey Management Corp., general partner of the Sabres, replacing Knox, who concurrently resigned (Sabres). In Buffalo, Jim Kelley reported that sources said Rigas will have "near complete ownership," perhaps as much as 90% (BUFFALO NEWS, 1/1). In Toronto, Dave Fuller reported that Sabres President Larry Quinn "is expected to be replaced" by one of Rigas' sons in the next few weeks (TORONTO SUN, 1/5).