by John Wawrow
Associated Press
BUFFALO, N.Y.? Buffalo businessman Mark Hamister suspended his bid Monday to buy the bankrupt Buffalo Sabres and said he may withdraw completely.
Hamister said at a news conference that partner Todd Berman, president and founder of New York City-based Chartwell Investments, had withdrawn.
?Given the uncertainty and complexity of the entire process in addition to Chartwell?s decision, I need to step back and re-evaluate whether it makes sense to move forward,? Hamister said.
?I will be speaking with my advisers over the next several days as well as with potential new equity partners to determine if I should continue or withdraw all together.?
Hamister also said he is not seeking another extension from the NHL. The league had given Hamister until 5 p.m. Monday to sign an asset purchase agreement for the Sabres.
A news release from Berman?s company said Chartwell pulled out due to a poor economic climate and the probability of no financial help from government.
?The lack of government assistance has greatly reduced the attractiveness of this investment ... the time for making this deal has lapsed,? the statement said.
Rochester billionaire and failed gubernatorial candidate B. Thomas Golisano has continued to express interest in buying the Sabres, even though his initial bid was rejected by the NHL last November.
Hormoz Mansouri, a member of Golisano?s ownership group, said Golisano is still willing to buy the team.
?Our position has been as long as he?d had negotiations going on with the NHL, we would not entertain anything because, contractually, the NHL is obligated to talk to him,? Mansouri said. ?After that, we will definitely sit down and talk.?
Golisano was unavailable for immediate comment.
Since the league conditionally approved their bid, Hamister and Berman have spent three months trying to complete the deal on two fronts. Along with seeking up to $40 million in public assistance from state, county and city governments, the prospective owners also needed approval from Adelphia Communications.
Adelphia, one of the nation?s largest cable television companies, is the Sabres? largest creditor.
The company, which filed for Chapter 11 bankruptcy protection last summer, is owed between $130 million and $160 million in money former Sabres owner and former Adelphia CEO John Rigas used to buy and run the team in the 1990s
