The Dallas Stars have signed an agreement to sell the team to Vancouver businessman Tom Gaglardi and have filed a prepackaged bankruptcy plan to help facilitate the transaction.
The Stars said Thursday that the deal is subject to a court-approved auction and NHL approval. The other team once owned by Tom Hicks, the Texas Rangers, pulled the same track to expedite the sale of the baseball team when Hicks declared the same financial fate with them...
"Today's filing culminates months of cooperative effort by the League, the Club, the Club's lenders and Dallas Arena LLC," said NHL Deputy Commissioner Bill Daly. "It represents an extremely positive step toward what we expect will be an orderly transition to new ownership for the Dallas Stars."
Gagliardi has tried to get the Stars before, but it hasn't worked out until now. He's a co-owner of the Kamloops Blazers of the Western Hockey League and is big in the hotel and restaurant industry in Canada.
A court hearing is scheduled for Monday, when the Stars are expected to present customary motions for court approval.
George Riba of WFAA-TV says his sources are calling the Gagliardi bid a "stalking horse bid."
From Riba...
That means any individual who wishes to get involved in the bidding must up Gaglardi's bid for the team by at least $10 million. The source said Gaglardi's agreement would allow him to buy the team for around $230 million from the Hicks Sports Group, which defaulted on loans in 2009.
More when we know more...
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