Sep 22, 2011, 6:17 PM EDT
Dallas Stars fans can be forgiven if they look back at Sept. 22, 2011 as a day in which the franchise closed the book on a major chapter in its history and turned the page to a new era.
Earlier today, we passed along the heartwarming news that the team honored its retired franchise centerpiece Mike Modano by signing him to a symbolic one-day contract, making sure that he retires as a Dallas Star. While the team completely waved goodbye to that error with that kind gesture, the franchise has reason to look forward to a brighter future for the first time in years.
That’s because their ownership situation is getting less and less murky. The team received the green light to exist in a “business as usual” state despite filing for bankruptcy earlier this week and today marked another important court date. Various sources report that the same U.S. Bankruptcy Court in Delaware approved the bidding procedures proposed by the Stars, the NHL and potential new owner Tom Gaglardi on Thursday.
Former PHT editor Brandon Worley confirms that the deadline for bids remains Oct. 22, with a deadline for objections to those bids set for Oct. 25. If there are multiple bidders, then an auction will be scheduled for Nov. 21, with the winner expected to be announced on Nov. 23.
So far, Gaglardi is the only confirmed suitor, but Worley elaborates on the process and some other potentially interested parties.
For a bid to be considered a “qualifying bid”, the potential buyer must be pre-approved by the NHL and the courts and the bid must be at least $10 million more in worth than that of Gaglardi’s bid, which is valued at around $260 million. If more than one bid is approved by the court, then an auction will take place on November 21, with the winning bidder being confirmed in a combined hearing on November 23.
Currently, there have been no bids presented to the court but we’ve learned that both Doug Miller and Chuck Greenberg are certainly interested in making a bid if at all feasible. I wouldn’t expect there to be a bid made until just before the deadline, based on the complexity of the sale agreement.
Worley claims that a new owner should be in place by Thanksgiving, although different legal processes (including gaining approval from the NHL’s Board of Governors, which might just be a formality) might delay it from becoming 100 percent official. That being said, all signs point to the Stars getting a new owner – possibly before 2012 even begins.
- It’s Detroit Red Wings Day at PHT 8
- What does Jack Eichel mean to the Buffalo Sabres? 29
- It’s Buffalo Sabres Day at PHT 33
- Bernier, Leafs agree on two-year, $8.3 million deal 28
- How do Voracek, Giroux compare to the most expensive duos? 62
- Voracek turns monster season into massive eight-year deal 71
- Report: Canucks, Sutter closing in on five-year deal, north of $20M 28
- Voynov serving sentence at jail that once advertised it had flat screen TVs 45
- Report: Bernier and Leafs more than $2 million apart ahead of Friday’s arbitration hearing 12
- Flyers re-sign Couturier: six years, $26 million 41
- Voracek turns monster season into massive eight-year deal (71)
- How do Voracek, Giroux compare to the most expensive duos? (62)
- Trade: Penguins send Sutter to Canucks for Bonino, Clendening (54)
- Here’s a chart that shows which teams have been good/bad at drafting (45)
- Voynov serving sentence at jail that once advertised it had flat screen TVs (45)