The Rochester businessman, who signed a purchase agreement late Thursday, had his offer submitted to bankruptcy court in Buffalo on Friday. Judge Michael Kaplan approved a motion to go forward.
"I am very excited about this new beginning for the Buffalo Sabres," said Golisano during a Friday afternoon news conference.
"I look forward to building my partnership with the fans, putting a good product on the ice and hopefully bringing a Stanley Cup to Buffalo in the near future."
Thomas Golisano addresses a press conference Friday announcing his purchase of the Buffalo Sabres. (AP Photo)
A final hearing approving the team's sale would be scheduled for April 10. According to experts, barring any unforeseen road blocks, Golisano could conceivably could take over the team in a month.
No official details have been released, but speculation is that Golisano's offer is worlth $92 million US.
The 61-year-old Golisano is the founder and chairman of Paychex, the United States' second-largest payroll-processing company.
Last year, Golisano failed in his third bid to become governor of New York.
"We are extremely pleased that Tom Golisano has stepped forward on behalf of the team, the fans and the community," NHL Commissioner Gary Bettman said.
"We look forward to working with Tom to obtain the approvals necessary to complete the process so the focus can return where it belongs: on the ice."
The sale of the Sabres became necessary when owner John Rigas and two sons were indicted on fraud charges following the collapse of Adelphia Communications. The league has been supervising operations of the Sabres.
The Sabres are expecting $24 million US in losses this season and owe $22.9 million US on a loan for the construction of a new arena. The Sabres also owe an additional $7 million to some unsecured debtors.
One attempt to sell the team unraveled weeks back, when Buffalo businessman Mark Hamister announced that he had to suspend his purchase of the Sabres because of a lack of financing.
A bankruptcy court granted the Sabres up to $25 million in financing last month when the team filed for bankruptcy protection. Sabres officials announced several weeks back that the team would have enough money to finish out the season.
