The Dallas Stars filed for bankruptcy Thursday and will reportedly sell the club at an auction.
In response to the Stars' court filing, NHL Deputy Commissioner Bill Daly released the following statement Thursday evening: "Today's filing culminates months of cooperative effort by the League, the Club, the Club's lenders and Dallas Arena LLC. It represents an extremely positive step toward what we expect will be an orderly transition to new ownership for the Dallas Stars."
Bloomberg reported on Wednesday that owner Tom Hicks' plan to file for bankruptcy as a means to start the auction process has been approved by the majority of the team's creditors, according to a source familiar with the plan.
It is expected that once the Stars enter into the auction phase, investor Tom Gaglardi, chairman and chief executive officer of Sandman Hotels, Inns & Suites, would be the lead bidder for the team, according to the story. Other potential buyers could then make bids until a final price is reached.
If Gaglardi, a Vancouver-based businessman, wins the bidding process, he would take control of the franchise as well as 50 percent of American Airlines Center, the Stars' home. Mark Cuban, who owns the NBA's Dallas Mavericks, owns the other 50 percent of the arena.