Sabres Sale to be Announced After World Juniors

of the Buffalo Sabres to Pennsylvania billionaire Terry Pegula is expected to be announced at some point after the World Juniors Championship wraps up next week.

We're told the timing of the announcement is being dictated by Sabres owner Tom Golisano.

Golisano doesn't want an announcement regarding the sale of the team detracting attention from the tournament, which is a point of pride for the Sabres' organization.

Our source says that Golisano has reached an agreement in principle for the sale of the team to Pegula.

Now, the only thing left in terms of Pegula owning the team is approval by the NHL's Board of Governors, but given Pegula's wealth, and his commitment to keeping the team in Buffalo, that's expected to be a mere formality.

Given that, it's possible that Pegula could take over the team before the end of this season.

As part of the sale, it's expected that team President Larry Quinn and Chief Operating Officer Dan DiPofi, who both own small pieces of the team, would be bought out as well.

Pegula is expected to bring in his own management team.

Quinn denied to 2 On Your Side that any sale of the team is imminent.

Golisano saved the team in Buffalo when he bought it out of bankruptcy for $92 million, which included about $30 million in debt, in April of 2003. However much, if not all of that debt was forgiven.

With a sale price estimated at about $175 million, Golisano could make about $100 million in the deal.

Jones Soda plans to raise funds through stock sale
Jones Soda, a marketer and distributer of premium beverages, has plans to raise approximately $2m by selling nearly 1.78 million shares to Glengrove Small Cap Value, Ltd. (Glengrove) on or about December 29, 2010.


Jones Soda intends to use the net proceeds from the planned sale, which is subject to satisfaction of customary closing conditions, for targeted funding of new marketing programs, to secure and grow larger distributor and national retail accounts, and for working capital and other general corporate purposes.

Washington-based Jones Soda markets and distributes beverages under the Jones Soda, Jones Pure Cane Soda, and WhoopAss Energy Drink brands and sells through its distribution network in markets primarily across North America.