Pegula Meets with NHL, Sabres Reportedly to Announce Purchase Agreement

January 29, 2011 Updated Jan 29, 2011 at 10:13 PM EDT

By Shawn Stepner

January 29, 2011 Updated Jan 29, 2011 at 10:13 PM EDT

BUFFALO, NY - (WKBW) An NHL spokesman tells Eyewitness Sports that billionaire businessman Terry Pegula met with the NHL Board of Governors' executive committee Saturday in Raleigh, North Carolina. reports the Buffalo Sabres will announce a purchase agreement by Pegula by the end of the week.

According to the report Pegula will purchase the Sabres for $189 million and once the purchase agreement is announced, the sale is expected to close within a month.

A Sabres spokesman says the organization has nothing to report at this time.

Eyewitness Sports reported on Friday that an update on the status of negotiations concerning the Sabres sale would be provided at the Board of Governors meeting. Pegula was not in attendance for that session, but the league confirms the Pennsylvania billionaire spoke with the executive committee prior to the board of governors meeting today.

NHL commissioner Gary Bettman is expected to address the Sabres sale at a press conference later this evening. The sale still needs to be formally approved by the NHL board of governors.

Stay with Eyewitness News for the very latest on this developing story.