Buffalo businessman Mark Hamister has been selected by the league to purchase the financially troubled Sabres.
Hamister, who owns the Arena Football League team in Buffalo, beat out Rochester billionaire B. Thomas Golisano in bidding for the team.
Commissioner Gary Bettman said the closing should take place during the first quarter of 2003. The proposed transaction is conditional, and approval by the NHL Board of Governors is required.
The league took over control of the Sabres from John Rigas in June.
Rigas, who remains the team's owner in title only, has been accused of stealing hundreds of millions of dollars from Adelphia Communications, the cable television company he founded.
WILD: Defenseman Filip Kuba signed a three-year extension worth about $6-million. He has six assists this season and leads the team in ice time.