Vancouver businessman Tom Gaglardi and Monarch Investments "have finished negotiations over the sale of the Stars and have pushed the paperwork onto the NHL," according to sources cited by Mike Heika of the DALLAS MORNING NEWS. The sources "would not reveal details of the offer." With "more than 40 lenders who have legal rights to the Stars, one of the key contentions of the sale will be who gets paid what, as well as who gets paid first." The sale price is "not expected to cover the debt, so some lenders will not get paid back." A source said that the "fact that Gaglardi feels he has made a viable offer has to be seen as good news." Gaglardi "was granted a 30-day exclusive negotiating window in April but pushed past that window into July." Once his offer is "approved by lawyers, it should form the so-called 'stalking horse' bid that will be taken into a prepackaged bankruptcy hearing, possibly in August." There are "at least four groups that the NHL has approved to look at the Stars' books who could bid on the team in a prepackaged bankruptcy hearing" (DALLAS MORNING NEWS, 7/30).
GETTING CREATIVE: The MORNING NEWS' Heika yesterday reported the "marketing arm of the Dallas Stars has not faced this significant of a challenge since the NHL lockout of 1994." The team "has missed the playoffs for three straight seasons, the economy continues to struggle (preventing businesses from investing in sports the way they have in the past), and the snail’s pace in the sale of the team has pretty much eliminated any chance to make important in-roads into season-ticket sales this summer." Much of what the Stars "have planned is tied to the new ownership." And with the sale of the team "dragging on and not expected to be completed before September, there’s been a real hiccup in the process of getting people excited about hockey." Interim Stars President Tony Tavares said, "It’s not the best situation, but I do believe we are trying to make the best out of it." Tavares "has reduced the amount of giveaways and discounted tickets in favor of putting value into the season tickets." That strategy "could result in a half-empty arena on some nights, but Tavares believes the risk is worth the long-term gain." Meanwhile, part of Stars Assistant VP/Broadcasting and Creative Jason Walsh's plan is to "have a stronger Internet presence where fans are invited to see the inner workings of the team." Walsh also is "looking at ideas to change arena presentation and connect better with fans, as well as looking at getting a lot more brand identity in the marketplace" (DALLAS MORNING NEWS, 7/31).
