Aug 11, 2011, 11:41 PM EST
It seems like each of the ownership situations pending around the NHL are destined to be dragged out as long as possible. The Atlanta Thrashers sale and relocation moved remarkably quickly—unfortunately the situations in Dallas, St. Louis, and Glendale aren’t going down quite as smoothly. Everyday there seems to be a new update, wrinkle, potential problem, or cause for hope while fans in each city eagerly await their team’s future to be settled. Today, there was news that affects all three cities and their sale process: but still nothing pending for the immediate future.
In Glendale, there’s news that there are two buyers that are interested in submitting offers for the team to the Glendale City Council when they reconvene in a few weeks. That much we already knew. It’s already been widely assumed that one of the mystery groups is led by Jerry Reinsdorf (of course). Now there’s word that both offers will come fully equipped with opt-out clauses to protect any future owner as part of the sale.
Why is this news? In the past, members of the Glendale City Council have been adamantly opposed to any offers that included an opt-out clause. From their position, they’re afraid of giving government subsides only to see an out-of-town businessman bolt at the first sign of trouble. If they’re going to make a deal, they want assurances that the team will be in Glendale for the long-haul. Their position is completely understandable. Then again, it’s also understandable that any businessman would want to protect his interests in the event that things go sideways.
The folks over at Five For Howling must be getting sick of the never-ending ownership/sale mess surrounding their team, but at least Jordan Ellel is taking a pragmatic look at the newest development and the reality of a potential out-clause:
“No, as much as I would love for a potential owner to swoop in and make a guarantee that the team would stay for the entire 30-year lease term (a la Hulsizer), an out clause is completely reasonable at this stage. The fans have shied away for a variety of reasons, but if an owner steps in and gives a time frame for turning things around and this city cannot do it; well, then the team should probably move to be frank.
However, so long as the ownership group isn’t the cheapest group known to man, the team should remain very competitive and a good value for your entertainment dollars. Given a modicum of quality marketing and continued improvement obtaining local sponsors, then meeting whatever “growth” metrics will be used to trigger an out clause should not be an issue. Of course, we all know how fickle Phoenix fans can be and true growth will only happen if they make a playoff run that doesn’t end in seven or fewer games (and hey, if the NBA stays locked out that will only help as well).”
It’s hard to disagree with the logic. If the team is given a new owner that shows a reasonable amount of commitment and the fans still don’t show up to Jobing.com Arena, then it’s on the fans—not the owner.
One thousand miles to the east, the Dallas Stars are dealing with their ownership situation. Slowly but surely, Tom Gaglardi is continuing in his process to buy the Stars from the various creditors who currently hold debts. Mike Heika of the Dallas Morning News gives an update:
“Which brings us to Gaglardi, and where his bid is. Several people I have talked to said he is in New York trying to push through all of the paperwork that needs to be pushed through, and this is a difficult time to do that. In addition to lawyers, there also are financial people involved in drawing up loans, and this is a volatile time in the financial market.”
If everything goes to plan, Gaglardi’s bid will go through and the offer will be seen by a judge in bankruptcy court. There had been reports that two of the groups that were interested in buying the Dallas Stars were now throwing their name into the hat for the St. Louis Blues—which may still be true. However, any assumptions that Gaglardi was hedging his bets and negotiating a deal with for the Blues behind the scenes should be put to rest immediately. Put simply: Gaglardi isn’t interested in the Blues.
Neither circumstance is even remotely close to conclusion. Today’s events are simply the next step in situations that have plenty of moving parts. One day they’ll both be done and we can go back to talking about the actual teams that reside in Dallas and Arizona.
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