The Associated Press reported Wednesday that Buffalo Sabres' owner Tom Golisano is "seriously considering" selling the team to Pennsylvania billionaire Terry Pegula. Sabres' minority owner Larry Quinn declined comment.

Tuesday, more reports surfaced that Pegula signed a letter of intent to purchase the Sabres for $150 million and that the sale of the team could happen sometime in late December or early January.

Forbes ranked the Sabres as the 23rd most valuable NHL franchise, worth $170 million. Golisano bought the team in 2003 for $92 million.

Matthew Coller is a staff member of the Business of Sports Network, and is a freelance writer. He can be followed on Twitter

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