SBD/October 19, 2010/Franchises

NHL Reportedly Fronts Stars Revenue Sharing As Team Seeks Buyer

Stars Reportedly Must Seek NHL's Approval On All Transactions
The NHL has had to “front the Stars about $8 million in revenue sharing and league television money to help them pay the bills,” according to Ken Campbell of THE HOCKEY NEWS. Since there is “essentially no owner -- aside from the Monarch Investment Group and Galatioto Sports Partners, the two groups charged with ushering the sale of the Stars -- the franchise has had to have its budget approved by the league and must receive league approval for all transactions." The Stars drew only 11,750 fans to American Airlines Center on Saturday, the "smallest crowd for hockey the building has ever seen." Campbell wrote while it is "not exactly as desperate as the Coyotes situation, there are some eerie parallels." And the Stars situation is "far more discouraging" because "you could argue Phoenix has never really been an NHL market." If the Stars were "worth buying at their asking price, they would have had a new owner by now." The NHL "would like to believe the Stars are worth in the neighborhood of $300 million, but no buyer is going to pay anywhere near that in this economic climate." When Athabasca Oil Sands Corp. Chair Bill Gallacher was in the running to buy the Stars, sources said that the "final price would have been about $225 million and that price tag continues to be moving downward, perhaps as low as south of $200 million" (THEHOCKEYNEWS.com, 10/18).
Return to top

Related Topics:

Franchises, Dallas Stars

Video Powered By - Castfire CMS Powered By - Sitecore

Report a Bug