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BETTMAN SUMMONS STARS OFFICIALS TO NEW YORK TO ASSIST SALE
Published November 1, 1995
Stars Owner Norman Green, prospective investor John Spano and team President Jim Lites met with NHL Commissioner Gary Bettman in New York yesterday to "help close a sale of at least part of the team," according to Terry Egan of the DALLAS MORNING NEWS. Spano's group has sought for months to buy a half-interest in the Stars for about $40M, but "talks may now be shifting toward acquiring a majority of the franchise." The negotiations have "hit snags" in recent weeks that neither side would detail. The debts of Green and the team are reported to be at least $60- 70M -- about $42M to the Alberta Treasury Branches bank, $10M to Penguins Owners Howard Baldwin and Morris Belzberg, and about $6.4M left from a $10M league lockout loan. Although there are still "hurdles," Spano began discussing his role as an owner: "I want to run it as a business. Jimmy (Lites) will run the team" (DALLAS MORNING NEWS, 11/1).