- Associated Press - Friday, July 17, 2015

ERIE, Pa. (AP) - Retired Canadian broadcaster James Waters has purchased the Erie Otters major junior hockey team for $7.225 million.

The Erie Times-News (https://bit.ly/1THvWE6 ) says federal bankruptcy court documents filed Friday confirmed the deal has closed. Most of the proceeds will be distributed by the court in Erie to pay creditors owed about $5.4 million.

The team’s former owner, Sherry Bassin, filed for Chapter 11 bankruptcy protection in April, largely because of a $4.8 million debt claimed by the National Hockey League’s Edmonton Oilers, the team’s biggest creditor. That debt stems from a loan to Bassin from an Oilers affiliate.

Bassin continues to dispute that amount in bankruptcy court.

But the sale ended Water’s role in the bankruptcy proceedings and give JAW Hockey Enterprises LP complete control of the team, which will remain in Erie

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Information from: Erie Times-News, https://www.goerie.com

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