Hamister, who already owns Arena Football League team the Buffalo Destroyers, beat off a rival bid by billionaire B. Thomas Golisano.
The successful bid is backed by Todd Berman, the president and founder of private equity group Chartwell Investments.
Said NHL commissioner Gary Bettman: "After narrowing the bid process, it was determined that the terms of the Hamister bid should be accepted.
"We will work with Mr. Hamister to conclude the transaction as quickly as possible."
The deal - which still requires approval of the NHL governors - should be concluded in the first quarter of 2003.
