No bids for the Dallas Stars were filed by this past weekend’s deadline, which now clears the way for stalking horse bidder Tom Gaglardi of Vancouver to complete the purchase of the Stars.
The next step in the process is a November 23 hearing in a Delaware bankruptcy court, where the court will consider “approval of the Sale, and confirmation of the Debtors’ Prepackaged Plan and any objections thereto and to consider any other matter that may properly come before the Bankruptcy Court.”
Approval of the NHL Board of Governors and closing of the sale also are needed for the deal to be finalized.
NHL Deputy Commissioner Bill Daly issued a statement on the Stars sale Monday.
"Now that the bidding deadline has been reached, we will continue our due diligence process and will proceed with the Board's ownership transaction review process," Daly said. "We also will work with the courts in the continued hope of bringing this matter to a successful and expeditious resolution."
Gaglardi is the President of Northland Properties Corporation, which he and his family run. The company owns and operates Sandman Hotels, Inns and Suites, Denny’s Restaurants of Canada, Moxie’s Restaurants, Shark Clubs and . Northland owns 45 hotels with 6,400 rooms, owns more than 100 restaurants, and employs more than 10,000 employees.
Gaglardi leads the ownership group of the Kamloops Blazers of the Western Hockey League. The ownership group includes Shane Doan, Mark Recchi, Jarome Iginla and Darryl Sydor.
Gaglardi, a life-long hockey fan, has strong Texas ties. His mother is from Longview and he has family in the Dallas-Fort Worth area.
He’ll take over a team that, according to court documents, lost $37.9 million in the last fiscal year and $91.5 million over the last three seasons. The Stars are expected to lose $31 million this season.
Court documents state that Gaglardi is “committed to keeping the Stars in Dallas and rebuilding the franchise both in terms of on-ice success and the fan experience.”