After months of deliberation, a decision has been reached regarding the bankruptcy sale of the NHL team the Dallas Stars.
Pending approval from the court and NHL, the agreement states that the team will be sold to Canadian businessman Tom Gaglardi. Gaglardi has been a front runner in auction sale since the beginning and stands to inherit, not only a historically championship team, but a half stake in the American Airlines Arena; the venue where all home games are held.
The bankruptcy proceedings surrounding the Stars sale has remained fairly quiet, mostly in part to the cooperative effort of all involved. The Stars aren’t the only team in Dallas bankruptcy court. Last year the Texas Rangers MLB team was up for auction and maintained a high profile case. As fans and team owners alike watched as the fate of the team’s future was publically scrutinized, the Stars have sought a different approach.
Bill Daly, Deputy Commissioner of the NHL said yesterday’s filing was the result of “months of cooperative effort” by the league, the team and creditors. Daly said “It represents an extremely positive step toward what we expect will be an orderly transition to new ownership for the Dallas Stars.”
The final court approval is set for Monday, September 19th; meanwhile the Stars training camp opens Friday the 23rd.