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Dallas Stars deny rumor that they’re losing $1 million per week

Jul 19, 2011, 7:52 PM EDT

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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.

  1. greatminnesotasportsmind - Jul 19, 2011 at 9:29 PM

    If the team had stayed in the Minnesota, and don’t kid youself, you know damn well they never should have left, the team wouldn’t be losing money allegedly to the tune of $1 million a week. Had Norm Green actually tried to get the state to build a new arena, which funny, it did 7 years after it left (one of the best arena for 10 years not called Xcel Energy Center), it wouldn’t be in this situation. They were even given the chance to play at Target Center (which at the time was less than 3 years old) paying less than they did at Met Center. Yeah attendance was slumping, but Norm never put a decent product out on the ice. He took over in 1990-91 and only made the playoffs because the Maple Leafs were worse team. Then Jon Casey and the North Stars power play caught fire and rode that to Stanley Cup Finals. As the season went on, attendance did go up. Had the Stars had more than Mike Modano or Russ Courtnall the fans would have shown up. The only reason Dallas got the Stars was because Norm Green’s wife gave him and ultimatium to either relocate the North Stars or she would have filed for divorce after sexual harassment alligations turned up.

    When Norm Green came here, he said, “Only an idiot could lose money on hockey in Minnesota.” Well, I guess he proved that point or the Wild have by never having a losing season in the coffers.

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