NHL Franchise Notes: Serge Savard's Group Drops Bid For Canadiens

Savard Does Not Have Finances To Compete With Molson Family Bid

CLIMBING THE MOUNTAIN: In Denver, Terry Frei notes the Avalanche yesterday promoted Assistant GM Greg Sherman to GM. Sherman has been in the organization for 13 seasons but "has no direct hockey background." The move "came with the caveat" that VP/Hockey Operations Craig Billington would remain in his role and add the title of Assistant GM. The team said that neither Sherman nor Billington "would comment on the situation or how their division of duties would work until a new coach is hired." Both Sherman and Billington will report to Avalanche President Pierre Lacroix. The team "never seriously considered going outside the organization" to replace former GM Francois Giguere, whom the team fired in April. The Avalanche yesterday also announced that Dir of Player Personnel Brad Smith, a "longtime member of the organization," would be "given more responsibility and input," and that former Dir of Hockey Operations Eric Lacroix is returning to the team (DENVER POST, 6/4).

WORKING OUT THE TERMS: In Ft. Lauderdale, Sarah Talalay reported details of Sports Properties Acquisition Corp.'s agreement to purchase the NHL Panthers are "still being worked out, but the NHL is aware of the negotiations." It is "possible an agreement could be reached by late June, but unclear if it could be ready in time for the league's Board of Governors meeting later this month." Sources said that it "could be months before the deal closes" (SUN-SENTINEL.com, 6/3).

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