"Darcy Regier probably figured since he weathered the Ted Nolan storm, he could survive anything as general manager of the Buffalo Sabres.

But within a year after Tom Golisano plucked the franchise out of bankruptcy in 2003, Regier admits he was caught off guard more than once.

Like the day, in a meeting of upper management, Golisano asked Regier point blank: How come you make more money than I do.

At the time, the Sabres were losing millions.

"He comes at you from angles I didn't expect to be hit from," Regier said.

Golisano still challenges his management team, a characteristic Regier says he truly enjoys.

But the billionaire owner from Victor isn't asking that particular who-makes-more question anymore. He can't; the team he bought for $92 million is now worth more than $160 million.

One big reason for the revival: the product on the ice. Which is why on Saturday, when the Sabres began training camp at HSBC Arena, Golisano gave Regier a two-year contract extension.

The deal — of which financial terms weren't revealed — means Regier will continue to oversee hockey operations through at least the 2010-11 NHL season, and also ends speculation that he would head for more financially lucrative pastures when the upcoming season ends.

"I think back to when I was first hired," Regier said. "With all the turmoil back then. I didn't know we would last one year, let alone how many years this is.

"We had the Ted Nolan situation (the reigning coach of the year rejected the one-year contract from Regier, who at the time had been the GM for about two months). If we had not beaten Philadelphia in that first playoff series (in 1998), I might have been gone."

This time, leaving would have been Regier's choice. But he says he had no intention of going anywhere.

"You feel loyalty to people you work with," he said. "You think you have work to do (yet).

"You're very grateful not only for the longevity but the people. The people you get to work with, learn from, grow with ... Ultimately we all want the same thing and that's to win a championship."

Sabres managing partner Larry Quinn said they had a handshake deal with Regier in April but only now finalized the extension.

"It's probably the best contract we've done all year," Quinn said. "I think Darcy has done a wonderful job."

Just a year ago, the Sabres came to training camp in the wake of summer turmoil. The Sabres had allowed forwards Daniel Briere and Chris Drury to bolt via free agency. They were then forced to match a seven-year, $50-million offer sheet to prevent left winger Thomas Vanek from joining the Edmonton Oilers.

This summer, the Sabres were proactive, not reactive or inactive. They signed goalie Ryan Miller to a five-year, $31.25-million extension. On Thursday they gave right winger Jason Pominville a five-year, $26.5-million extension.

They believe they have the players to challenge for the Stanley Cup and made sure they kept them. Regier and Quinn apparently implored Golisano the big money over half a decade was appropriate for these players."