League commissioner Gary Bettman made the announcement Thursday, just hours after U.S. Bankruptcy Court Judge Michael Kaplan gave the OK to the $92 million US deal.
"The bankruptcy court has approved the sale to Tom Golisano," said Bettman.
"Secondly, the NHL Board of Governors has finished its approval. That vote was conducted over the last few days."
Thomas Golisano at press conference last month announcing his purchase of the Buffalo Sabres. (AP Photo)
Approval from the NHL was all but a formality. Bettman helped broker the deal between Golisano and the Sabres' former owners, Adelphia Communications.
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.
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.
