Mark Hamister has run out of time, meaning that at the end of this season, the Sabres' time in Buffalo may run out as well.
After receiving three extensions from the National Hockey League, Mark Hamister was supposed to officially purchase the Sabres on Monday. Hamister's negotiations, however, with the city, county, and state to use up to $40 million of taxpayer money to aid in his purchase of the team were ultimately unsuccessful and the same can now be said about his bid.
Hamister's exclusive negotiating period is over. The floor is open again for other potential investors to come forward and purchase the team.
"As of today, the period of negotiating exclusivity granted to the Mark Hamister group for the purchase of the Buffalo Sabres has expired," NHL Executive Vice President and Chief Legal Officer Bill Daly said in a statement issued Monday afternoon. "As a result, the Club now is free to entertain other expressions of interest and offers to purchase the franchise. Mr. Hamister remains welcome to pursue the purchase."
It is likely that Hamister will not enter the race once again; his partner, Todd Berman, of Chartwell Investments, is officially out.
"The lack of government assistance has greatly reduced the attractiveness of this investment. ... The time for making this deal has lapsed," a statement issued from Chartwell said.
"Given the uncertainty and complexity of the entire process in addition to Chartwell's decision, I need to step back and reevaluate whether it makes sense to move forward," Hamister told the Associated Press.
The door is now open for failed gubernatorial candidate B. Thomas Golisano to make a bid for the team. Golisano, who is the founder of Paychex Corp. in Rochester, had submitted an informal bid to the NHL before the league decided to extend the exclusive negotiating rights to Hamister.
Daly said the league is committed to trying to keep the team in Buffalo. However, NHL Commissioner Gary Bettman said months ago that the situation would be "bleak" if Hamister's bid was to fall through.
"Our objective remains to find a purchaser who will maintain the franchise in Buffalo," Daly said.
In the meantime, the Sabres will continue to be run by the NHL. The team filed for bankruptcy along with the Ottawa Senators last month.
