Terry Pegula to close purchase Tuesday

2/21/2011 - NHL Buffalo Sabres

Incoming Buffalo Sabres owner Terry Pegula will officially close on his purchase of the team from Tom Golisano and meet with the media on Tuesday, the team announced.

Pegula, who is buying the Sabres from Golisano for $189 million, and NHL commissioner Gary Bettman will hold a news conference at 11 a.m. ET on Tuesday at HSBC Arena, the team said.

The NHL's Board of Governors reportedly approved the sale on Friday.

Golisano agreed to sell the franchise to Pegula earlier this month, ending about three months of negotiations.

Pegula was scheduled to inspect and tour HSBC Arena on Monday.

Pegula made his fortune in the natural gas industry.

Information from The Associated Press was used in this report.