Sep 5, 2011, 6:46 PM EDT
While Dallas Stars GM Joe Nieuwendyk claims that the team hasn’t been affected by its ownership issues, there should be little doubt that the franchise would prefer to resolve that situation as soon as possible. The good news is that the team still has plenty of value in the eyes of the hockey and business world, so it might just be a matter of time.
The latest slew of reports from Friday indicate that things could be wrapped up rather soon. The reports indicate that frontrunner Tom Gaglardi’s bid to own the Stars was officially submitted on Friday, although details about the exact size of that ownership bid have not been revealed. (Gaglardi initially submitted it in late July, but Defending Big D explains that league lawyers looked over the terms during the month of August.)
The process still has some way to go before ownership changes hands and it’s not certain yet that Gaglardi will be the owner once the ink dries. The Stars must first go into bankruptcy court in the near future, with the hearing expected to take place at a Delaware district court on September 14.
(Gerry Fraley of The Dallas Morning reveals that Delaware is the location of choice for such hearings “because of its business-friendly climate and the efficiency of its courts in these matters.” Fraley points out that the troubled Los Angeles Dodgers had their own hearings in Delaware during the month of July.)
Again, while Gaglardi might be considered a frontrunner for the sale, there are other potential bidders. Here are more details from ESPN’s Mark Stepneski.
Although Gaglardi would have a signed purchase agreement it doesn’t mean he is guaranteed to be the club’s new owner. His offer would be what is considered a stalking horse bid. Other potential bidders will be given a chance to top it in the bankruptcy proceedings.
Among the bidders who could be in the mix:
*Irving businessman Billy Quinn, who is the Managing Partner of Natural Gas Parnters
*Allen Americans owner Doug Miller
*Former Texas Rangers CEO Chuck Greenberg
Stepneski passes along word from Nieuwendyk, who said that the sale should be completed before Christmas time. Of course, the NHL would also need to approve the sale, but various reports indicate that shouldn’t be a problem. The Dallas Business Journal points out that the sale could actually wrap up in about a month if there are no other bidders, but that seems unlikely in this situation.
Either way, the consensus indicates that the Stars are approaching the light at the end of the tunnel. That being said, if you’ve followed NHL ownership situations before, you probably realize that it’s rarely safe to assume anything until a new owner is officially approved and announced. We’ll keep you informed about this situation as September 14 rolls around and the sale (hopefully) nears its completion.
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