Stars Likely Will Not Have A New Owner Until At Least Late June
The Stars "will not be transferred to a new owner until late June at the earliest," according to sources cited by Mike Heika of the DALLAS MORNING NEWS. The sources indicated that while Vancouver businessman Tom Gaglardi is in an "exclusive negotiating window and could have a signed purchase agreement with an offer that exceeds $250 million within two weeks, the process of an organized bankruptcy hearing would force a window of 30-60 days to allow other bidders to try to exceed Gaglardi’s offer." A bankruptcy hearing "will be necessary to clear the team of potential lawsuits from current creditors." Heika noted while "others, such as Dallas businessmen Doug Miller or Billy Quinn or Mavericks owner Mark Cuban, could beat Gaglardi’s bid, the Vancouver businessman appears to be in control right now" (DALLAS MORNING NEWS, 5/7). Meanwhile, Stars interim President & CEO Tony Tavares on Friday "provided some additional insight into the facts behind his stance that the Dallas Stars will stay in North Texas." Responding to a report that a new owner could move the team, Tavares in a statement said, "Any opinion or rumor that it is even possible for the Dallas Stars to move from North Texas is unequivocally untrue. The Dallas Stars are not moving. The team's current contractual agreements with both the City of Dallas and the American Airlines Center prohibit the Stars from moving." The franchise also "released some of the details of those contractual obligations, which include the American Airlines Center being able to prevent a move" until '23 (BIZJOURNALS.com, 5/6).
GIVING IT ANOTHER GO? ESPN.com's Scott Burnside noted the City of Glendale will vote tomorrow "whether to ante up another $25 million to ensure the Phoenix Coyotes remain in town for at least another year." The city released its council agenda on Friday, and multiple sources said that Glendale is "looking at replicating an arrangement that cost $25 million this season to help cover operating costs while the NHL finds an owner for the franchise for next season." The proposal is "expected to pass," and could take "some of the pressure off of the municipality to sell more than $100 million in bonds that are crucial to closing a deal with Chicago businessman Matthew Hulsizer." Brad Goldberg, Vice Chair of the Hulsizer-led Arizona Hockey Holdings, said that Hulsizer is "committed to a deal in Phoenix." Goldberg also "denied reports Hulsizer was interested in purchasing" the Blues (ESPN.com, 5/7).