Perhaps the tumult in Dallas can settle down somewhat now that news is out of the probable (but potential) purchase of the Stars by Vancouver businessman Tom Gaglardi. Gaglardi is a co-owner of the WHL’s Kamloops Blazers.
Gaglardi is the lead bidder for the club and its hockey assets, reports ESPNDallas.com. “There have been other parties who have expressed in an interest in the Stars over the past year, but it is not clear if they’ll get involved in the process and try to better Gaglardi’s offer,” says Mark Stepneski.
In order to facilitate the transaction Thursday, the Stars organization filed a prepackaged bankruptcy plan. The deal is pending NHL approval, of course, and is subject to a court-approved auction.
According to the Stars, their prepackaged Chapter11 plan has league approval. The team’s creditors have also agreed to its terms, voting to accept it before it was filed in U. S. Bankruptcy Court.
“It represents an extremely positive step toward what we expect will be an orderly transition to new ownership for the Dallas Stars,” NHL deputy commish Bill Daly said. The filing is a result of a massive “cooperative effort,” said Daly.
It all leads to a court hearing on Monday and the Stars will present their motions for approval. This is standard procedure and there’s no real reason to think that the deal won’t go through, especially with all sides lining up with a big thumbs up.
Some point to the problems with the Texas Rangers as a way of saying the Stars’ sale is no slamdunk, but in the case of the Rangers the creditors opposed the contingency plan for bankruptcy and that led to some difficulties. In this case, everybody who’s anybody is on board.
The Stars are hoping to have the plan court-confirmed in about two months, getting the team out of bankruptcy and properly sold to Gaglardi by the end of November potentially.
“This is a significant step toward completing the transition in ownership,” Stars president Tony Tavares said. “We are pleased that our lenders have shown substantial support for the plan and the sale process, but the Dallas Stars are focused on one thing: hockey.”