3:24pm - Updated with new info from Portland's press conference.
A deal that's been flying around the rumor mill for a few weeks has finally come to pass as the AHL Board Of Governors announced today that they've approved the transfer of the Rochester Americans to the Buffalo Sabres, thus making the Amerks the minor league affiliate of the Sabres once again according to Hockey Night In Canada's Jeff Marek.
The Portland Pirates held a press conference at 2:15 today, where they announced that they will no longer be affiliated with Buffalo, but will continue in the future as the affiliate for the Phoenix Coyotes. It was also revealed that the talks for Terry Pegula to purchase the Amerks started before he purchased the Sabres; Portland owner Brian Petrovek estimated that the talks began in early November.
The Sabres, meanwhile, have announced that they will hold a press conference next week to discuss their future plans with Rochester. The Sabres and Amerks had previously been affiliated for 29 years and won three Calder Cup championships together, most recently in 1996.
We'll update this post as soon as we know more, but in the meantime you can check out the Amerks press release right here.