Last month Buffalo native Berman’s New Yorkbased private equity firm, Chartwell Investments, led a consortium of investors that acquired the National Hockey League franchise from John Rigas, the disgraced founder of bankrupt cable company Adelphia Communications. Berman’s group beat out a rival bid by Buffalo billionaire (and three-time New York gubernatorial candidate) Tom Golisano. Under the terms of the deal, which still needs to be approved by the NHL’s board of governors, Chartwell will put up most of the capital and Berman will serve as the team’s chairman. Mark Hamister, a Buffalo businessman who invested alongside Chartwell, will run the team on a day-to-day basis as president and CEO. Despite the Sabres’ struggles with low attendance, Berman believes that effective marketing will expand the team’s reach beyond its Buffalo base, making the acquisition a sound investment rather than a wealthy fan’s whim. “It’s a responsible financial investment,” says Berman. “I think our investors are going to get very good returns.”
