Stars Owner Norm Green announced Wednesday he is selling
100% of the Stars, and a prospective ownership group is "close to
putting a finished offer on Green's desk," according to the
DALLAS MORNING NEWS. A group of investors led by John Spano,
president of a Dallas-based leasing company, has been negotiating
with Green and could present an offer sometime this week.
Richard Alm reports a "tantalizing subplot" is emerging as Green
terminated an exclusive negotiation agreement between the two
parties. Real estate financier Jim Leslie of Spano's group says
that will not affect their offer, but he added they will not get
into a "bidding war" with other prospective buyers. Green says
the move is a legal formality needed to disentangle his finances
from the team's. Green denies he is actively shopping the team
and said he will deal with Spano "until that comes to an end"
(DALLAS MORNING NEWS, 11/23).
THE PLOT THICKENS: In Toronto, David Shoalts cites sources
close to the team who indicate Alberta Treasury Branches (ATB), a
bank owned by the province, has pushed the NHL "into crisis"
because of a C$54.4M loan to Green. The bank has informed both
parties it will foreclose on the loan if there is no repayment
soon. Sources close to the talks say the bank has issued a
November 30 deadline, but while NHL sources deny that, they admit
to some "time pressure." Shoalts also reports his sources in
Dallas indicate Spano's group has dropped out of negotiations and
that NHL Commissioner Gary Bettman is now leading sale
negotiations for the team. NHL sources deny that Spano has
dropped out, but do admit Bettman is "shopping the team" to other
Dallas buyers. Shoalts also notes there is "little danger" of
the team folding or moving, as Mavericks Owner Donald Carter has
told Bettman and Green he will step in as a "last resort."
Carter reportedly has offered $60M. For the Mavs, a stable
hockey franchise could make Dallas more receptive to building a
new arena (Toronto GLOBE & MAIL, 11/23).
