TORONTO -- The NHL is taking over operation of the financially troubled Buffalo Sabres.

Commissioner Gary Bettman said Thursday that owner John Rigas had agreed to the move. Although Rigas technically remains the Sabres' owner, the move helps clear the way for the potential sale of the franchise.

"Based on discussions and an agreement we've made with the Rigases, the operational control of the franchise resides in the league office,'' Bettman said. "They've empowered us to operate the franchise.''

Bettman sounded hopeful that the team could be sold soon.

Buffalo businessman Mark Hamister is trying to form a group of investors to purchase the Sabres and keep them in Buffalo. Bettman said there is more than one group interested in purchasing the team but gave no details.

Bettman said the NHL will not pick up any of the team's debts, which amount to $157 million owed to Adelphia Communications.

Bettman said Sabres general manager Darcy Regier will oversee the team's daily operation, working under the terms of a budget which Rigas had approved months ago.

The arrangement will allow the Sabres to make offers to re-sign a number of its players -- including goaltender Martin Biron and forward Maxim Afinogenov -- eligible to become restricted free agents at the end of the month.

"We're not in a position where we're selling off players,'' Regier said. "We're going to try to make this as competitive a hockey club as we possibly can.''

Regier said that despite the cloud of uncertainty hanging over the franchise, 70 percent of the team's season ticket-holders have already renewed for next season.

The NHL's arrangement is not without precedent. In 1983, the league took control of the St. Louis Blues when the team's owner -- Ralston Purina -- was rejected by the NHL in a bid to sell the team to a group interested in moving the franchise to Saskatoon, Saskatchewan.