SBD/October 24, 2011/Franchises

Gaglardi In Position To Become Stars Owner After Greenberg, Miller Pass On Bid

Former MLB Rangers Managing General Partner & CEO Chuck Greenberg and CHL Allen Americans Owner Doug Miller "will not bid to purchase the Stars, meaning the door is open for Vancouver businessman Tom Gaglardi to become the new owner," according to Mike Heika of the DALLAS MORNING NEWS. Gaglardi "has made a $267 million 'stalking horse' bid that is part of a prepackaged bankruptcy hearing in a Delaware court." The deadline to submit a bid for the team was Saturday, and Miller and Greenberg "had been working feverishly to get their bids in on time." However, both men on Friday indicated that they "have alerted the courts and lenders that they are out of the bidding process." Greenberg said that he "had been working on a long-term plan for the team's rebirth, and that plan had to include a long-term local media package." The Stars' current local television contract with FS Southwest "expires after the 2013-14 season." Greenberg tweeted, "Disappointed but not bidding on Stars. New long term TV deal was key to turnaround plan. Got very close but could not get agreement." Meanwhile, Miller said that he and his investors "could not put together a plan that did not include the Stars losing $30 million-$35 million this season" (DALLASNEWS.com, 10/21).
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