Jul 19, 2011, 7:52 PM EDT
The Dallas Stars’ quest to find a new owner seems like it’s getting stranger and more confusing with each passing report.
The latest kerfuffle came as a result of a recently published report from Mike Ozanian of Forbes.com. Ozanian reports that the Stars are losing $1 million per week according to “someone familiar with the negotiations surrounding the team’s pending sale.” The Stars are technically still owned by Hicks Sports Group, but creditors are currently operating the team until it finds a new owner. Ozanian reports that the debt is being “capitalized” rather than being paid. (Defending Big D discusses what exactly that means in their post about the Forbes report.)
In case some of that went over your head, the Forbes source claims that the team is “bleeding money” to the tune of $1 million in weekly losses.
Things seemed dire for the Stars in the last season, but that report paints an even uglier picture than most expected. Perhaps it shouldn’t come as a surprise that a Stars official flatly denied that rumor. ESPN Dallas’ Mark Stepneski quoted a Stars source saying this much.
Dallas Stars official on Forbes report that the team is losing $1 million per week: “Totally, unequivocally untrue.”
These matters tend to get confusing, as it’s tough to tell what is true and what is simply a negotiating ploy. Are the Stars denying that they’re losing money each week or are they just disputing the report that those losses amount to $1 million per week? It’s tough to follow what’s actually happening amid the waves of misinformation and conflicting reports.
Here’s one thing that few would deny, though: the Stars need a new owner and they need one as soon as possible. It’s hard to tell if the team could have retained crucial center Brad Richards even if their situation was stable (it seems like he had his heart set on a reunion with John Tortorella), but their ownership mess made it a much easier choice for the playmaking center. If the Stars want to return to their contending form from the late ’90s, then they need to be able to spend with the big boys and show that the team is in good hands.
It might be a confusing journey until a new owner is made 100 percent official, but we’ll keep you updated through all the twists and turns.
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