Stars sale heads into bankruptcy court

September, 15, 2011
9/15/11
1:41
PM CT
It was on for today. Then it appeared off. Now, it is official. The Stars filed for bankruptcy with a Delaware court this evening. The filing kicks off a process that should have a new owner in place for the club within about 60 days.

“This is a significant step toward completing the transition in ownership,” Stars President Tony Tavares said in a release. “We are pleased that our lenders have shown substantial support for the plan and the sale process, but the Dallas Stars are focused on one thing: hockey. The players and coaches begin Training Camp on Friday and we are all excited to start the new season.”

Earlier this week lenders approved a prepackaged bankruptcy plan, under which Vancouver businessman Tom Gaglardi, who has submitted an offer to buy the team, would be the lead bidder for the Stars. Gaglardi, who owns hotels and restaurants throughout Canada, also owns the Kamloops Blazers of the Western Hockey League.

During the bankruptcy process other potential bidders would have the opportunity to top Gaglardi’s offer.

Other parties have expressed an interest in the Stars over the past year, but it’s not known if they will get involved in the process.

Mark Stepneski

ESPNDallas.com
Mark Stepneski joined ESPNDallas.com in July 2010. A former news/special projects producer for KXAS-TV, he has run the Andrew's Dallas Stars Page website since 1997.

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