Nov 18, 2011, 12:12 PM EDT
It’s official, the Dallas Stars have a new owner. Vancouver businessman Tom Gaglardi was given the keys to the franchise after a Delaware bankruptcy court gave the thumbs up to the deal Friday.
The NHL Board of Governors has already approved Gaglardi.
The details, courtesy the Wall Street Journal:
To get the Dallas Stars, [Gaglardi] has agreed to pay off about $50 million owed to an NHL affiliate and take out $100 million in new financing to pay the club’s senior lenders, who were owed $250.9 million as of July 31.
Junior lenders owed $146.2 million as of July 31 have already resigned themselves to taking a pounding. They will get up to $25,000 of their legal fees paid and will share in $500,000 of the recovery that is earmarked for senior lenders, under the plan.
Sucks to be a junior lender. But hey, legal fees!
Now comes the hard part for Gaglardi and new (and old) team president Jim Lites. Average attendance at the American Airlines Center is 10,023 through eight games, the lowest total in the NHL. In 2009-10, it was 17,215.
Even Greece thinks the financial picture has gotten pretty dire in Dallas.
As for the team on the ice, the Stars have lost three in a row after starting 11-3-0. They’re in Colorado tonight to play the freefalling Avs, after which they return home for four games.
- Kings’ Dustin Brown: ‘We got our [expletives] kicked’ 0
- Feeding frenzy: Sharks devour Kings to take 2-0 series lead 16
- Canadiens push Lightning to brink of elimination with 3-2 win 22
- WATCH LIVE: Los Angeles Kings at San Jose Sharks (Game 2) 0
- Bruins handle Red Wings 4-1, tie series 1-1 37
- Flyers overcome two-goal deficit to finally win at MSG 59
- NHL suspends Seabrook three games for charging into Backes 90
- MacKinnon, Avs shine against Wild, take 2-0 series lead 25
- Video: Roenick says MacKinnon is more dominant at 18 than Crosby was 28
- Blue Jackets gain first-ever playoff win, tie series with Penguins 1-1 49
- Video: Seabrook ejected for charging Backes; will face hearing (update) (147)
- Video: Lucic spears DeKeyser from behind (116)
- Flyers want to ‘punish’ McDonagh (113)
- Bad luck strikes twice: Lightning goal waved off, Stamkos takes knee to head (99)
- That’s a raise: Flyers sign MacDonald to six-year, $30 million extension (91)