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Hicks Retains Galatioto Sports Partners To Study Sale Of Stars
Published February 5, 2010
|Stars Owner Has Said He Will Consider
Selling Stake Of Team Or Entire Team
LINE CHANGE: Cogen Thursday said that he "envisions Hicks finding additional investors or selling his stake in the club by the beginning of next season." The Hockey News cited a source as saying that the CIT group, one of HSG's lenders, is "forcing Hicks to sell the club" (ESPNDALLAS.com, 2/4). The GLOBE & MAIL's David Shoalts cites an NHL source as saying that there are "four parties seriously interested in buying" the Stars -- one from the Dallas area and three "thought to be Canadian businessmen." One of the interested parties is Calgary-based Avenir Capital Corporation President Bill Gallacher, who "was in contact" with NHL Commissioner Gary Bettman "months ago and expressed his interest in the Stars." Shoalts notes the Stars will "fetch a much higher price than the Lightning," who reportedly are on the verge of being sold for about $170M to Jeffrey Vinik. The Stars "come with a half interest in an arena that makes a lot of money and they are in one of the largest markets in the United States, one that has shown it will support a decent team." A source indicated that the asking price will be greater than $300M (GLOBE & MAIL, 2/5).
CHANGE WILL DO YOU GOOD? In Dallas, Tim Cowlishaw writes Hicks selling the Stars can be "only good for Stars fans." With new ownership, the team "will be able to spend to the cap again and make off-ice decisions that aren't governed by Hicks' defaulting on loans for the Liverpool club." Hicks' financial woes have made him "powerless to help a struggling team today" (DALLAS MORNING NEWS, 2/5). However, ESPNDALLAS' Richard Durrett wrote, "Say what you want about Hicks, but he's been a good owner overall for the Stars. He spent big bucks to get key players and the Stars won a Stanley Cup on his watch. Missing the playoffs last year and not spending money this season can cloud the big picture. Overall, I think he's been good for this franchise" (ESPNDALLAS.com, 2/4).