After emerging intact from the bankruptcy proceedings with the Texas Rangers, owner Tom Hicks is leading his NHL team, the Dallas Stars through bankruptcy. In 2010, The Texas Rangers emerged in one piece through a “prepackaged” bankruptcy, in which the financial reorganization expedited the process in order to save investors money and facilitate the sale of the team to Chuck Greenberg and Nolan Ryan. Those involved agreed bankruptcy was in the best interest of the team members and would protect the franchise operations.
After struggling with creditors that don’t understand the way pro-sports operate, Rangers/ Stars owner Tom Hicks is now looking to alleviate his financial troubles with the Dallas Stars by entering the team into bankruptcy. In a May of 2010 Dallas News article, Hick reports “The creditors seriously misjudge how professional sports work.” Filing for bankruptcy will allow Hicks, and the Dallas Stars franchise, to be relieved of lawsuits from creditors and be available to be sold. The biggest advantage bankruptcy will provide for the Dallas Stars is being able to finish out this season together as a team.