Buffalo Sabres owner Tom Golisano has reached an agreement to sell the NHL team and its related companies to billionaire Terry Pegula, the Sabres said Tuesday.

The agreement is subject to certain closing conditions, including review and approval by the National Hockey League (NHL), the Sabres said in a statement.

The review is expected to take several weeks.

Golisano will hold a news conference Thursday to discuss the long-rumored deal, which the Buffalo News reported included $175 million for the Sabres and $14 million in liabilities.

Pegula met with the league's executive committee at the NHL All-Star game in Raleigh, North Carolina, over the weekend to discuss the sale, the News reported on its website (www.buffalonews.com).

I've spent time with him on multiple occasions, NHL commissioner Gary Bettman told the newspaper. I think he's a good guy. He has the resources.

Pegula sold his natural gas and oil company, East Resources, to Royal Dutch Shell for $4.7 billion last year.

New York Sale