Huge Early Interest For Royals Playoff Tickets Garber Confirms Possible Chivas USA Hiatus MLS Execs Visit Sacramento For Expansion Search Avalanche To Substantially Increase Payroll Ravens Fans Begin Exchanging Rice Jerseys Franchise Notes Panthers Place Greg Hardy On Exempt List NHL Panthers Vow To Stay In South Florida Senators' Melnyk: Ticket Sales Hard In Ottawa Royals Metrics Thriving Amid Playoff Push
Upcoming Conferences and Events
BUFFALO NEWS HAS SABRES FACING "A HOST OF SERIOUS PROBLEMS"
Published March 27, 1998
When Adelphia Chair John Rigas becomes owner of the Sabres, he will be "taking over a franchise facing a host of serious problems," according to Robinson & Warner of the BUFFALO NEWS. Because the Sabres have lost $15M during each of the last three years, the deal "requires" Rigas to pay "only" $5M cash to the existing owners. Rigas "also has pledged to pay another" $10.5M, plus interest, over the "next few years." Robinson & Warner wrote that despite the opening of Marine Midland Arena, the team has lost about $46M in the last three years "largely because of the franchise's ballooning debt load" that stands at "nearly" $81M. Another $6M was lost "in the first four months" of the current FY. The team's season-ticket base "shrank" by 1,600 this season to 8,634, almost 16% less than last year. But the Sabres purchase "gives Rigas a valuable source of programming for Adelphia's Empire Sports Network," which already pays the team "a minimum" of $1.6M per season to air 70 games. A source said that the deal "also gives Rigas and Adelphia the chance to use some of the Sabres' losses to offset other income and reduce taxes" (BUFFALO NEWS, 3/26).