After months of time spent in a Dallas bankruptcy court, Tom Gaglardi won the court’s approval to ownership of The Dallas Stars hockey team. Originally, no interest in ownership was apparent and the team feared the worst. Having once been a championship team, the Stars franchise became concerned it was headed for dissolution. Now, with the new ownership comes permission to exit the Chapter 11 filing, leaving behind millions in unresolved debts.
The Stars’ Future
Gaglardi has met little opposition in his pursuit of the NHL team, having very little competition and few objections to the proposed Chapter 11 restructuring plan. The bankruptcy court judge, Peter Walsh, commented that the case had, “No glitches. It’s almost boring.”
Now that the plan has been officially approved by the court, Gaglardi plans to pay off about $50 million in NHL debts and finance a $100 million pay out to the club’s seniors, who were owed nearly twice that amount as of July 31st. All in all, Gaglardi is pleased with the deal saying, “I know the fans and the organization are relieved that this period of uncertainty is over.” The Stars’ new owner is looking forward to working with club officials and sparking enthusiasm among fans once again.