Tom Gaglardi Agrees On Price, Most Terms For Purchase Of Stars
Vancouver businessman Tom Gaglardi and the bankers in charge of selling the Stars "have agreed on a price and most of the major terms of the sale," according to David Shoalts of the GLOBE & MAIL. The goal now is to "wrap this up in a package so it can be taken through the U.S. Bankruptcy Court as smoothly as possible and present the team to Gaglardi (assuming none of the other interested parties presents a higher bid to the court) by early June." A source said that an estimate of $250M for the Stars plus a 50% interest in American Airlines Center is "far too generous." The source "pegged Gaglardi’s offer closer to $125-million, which was disputed by a second source." That source characterized the $125M as the "cash part of the transaction with Gaglardi assuming debt from the Stars and the arena to make the sale price higher." Meanwhile, both sources said that Mavericks Owner Mark Cuban was "interested enough to make an informal offer for the Stars." He "told the bankers he would pay no more than $80-million for the Stars and cover their next three years of losses up to a total of $75-million" (GLOBE & MAIL, 5/3). In Dallas, Candace Carlisle noted unless other interested parties -- which could include Cuban or "two Dallas oil men, Doug Miller and Billy Quinn -- step forward with an higher bid, it appears the sale of the team to Gaglardi likely could go through this summer" (BIZJOURNALS.com, 5/2).