Additional bids for the Dallas Stars were not filed by last weekend's deadline, clearing the way for Tom Gaglardi of Vancouver to complete his purchase of the team.
The next step in the process is a Nov. 23 hearing in a Delaware bankruptcy court, where the court will consider approval of the sale, confirmation of the Stars' bankruptcy plan and hear any objections to the sale.
Approval of the NHL Board of Governors is also 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 Corp., which he and his family run. The company owns and operates Sandman Hotels, Inns and Suites, Denny's Restaurants of Canada, Moxie's Restaurants and Shark Clubs. Northland owns 45 hotels with 6,400 rooms, owns more than 100 restaurants, and employs more than 10,000.
Gaglardi, a lifelong 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."
Mark Stepneski covers the Stars for ESPNDallas.com. Information from The Associated Press was used in this report.