SBD/Issue 9/Franchises

Bill Gallacher Reportedly Has Pulled Out Of Bidding For Stars

Tom Hicks' Effort To Sell The Stars Now
Likely To Extend Well Into NHL Season

Athabasca Oil Sands Corp. Chair Bill Gallacher "has pulled out of the running" to buy the Stars, according to a source cited by Richard Durrett of ESPN DALLAS. Gallacher had been "rumored in recent months to be closing in on a deal to buy the club from owner Tom Hicks, but that has now fallen through." The source indicated that Vancouver developer Tom Gaglardi "remains interested, other groups could get back in the bidding and that some newcomers have been added to the mix" (ESPNDALLAS.com, 9/22). In Dallas, Mike Heika cited a source as saying that Gallacher has "not officially alerted the NHL or the broker (Galatioto Sports Partners) that he is no longer interested in pursuing the purchase of the Stars." But that does not mean that he "hasn't made that decision on his own." Heika reported there have been several other parties "sniffing around the team," but insiders believe that "these potential buyers do not believe the value is as high as the lenders would like it to be." As a result, there could be a "long standstill in the negotiations until the economic pressures of running the team start to push on the sale." Stars GM Joe Nieuwendyk yesterday said that he is "looking at the beginning of the year for possible resolution" (DALLASNEWS.com, 9/22). A source said that while "ownership was hopeful the sale could be completed by the Oct. 8 season opener, the process is moving very slowly" (DALLAS MORNING NEWS, 9/23).

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