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Sale of Dallas Stars takes a step forward

Monday, 10.24.2011 / 2:54 PM / News

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Sale of Dallas Stars takes a step forward
Vancouver businessman Tom Gaglardi was the only person to submit a bid to buy the Dallas Stars and remains in line to become the Stars' new owner.
The bidding deadline for potential buyers of the Dallas Stars franchise ended Saturday. Vancouver businessman Tom Gaglardi was the only person to submit a bid to buy the team and remains in line to become the Stars' new owner. NHL Deputy Commissioner Bill Daly suggested it will still take some time for any sale to be finalized.
 
The NHL's Board of Governors has to approve ownership before sales can be completed. Daly said Monday that the League hopes the process finalized by the end of November.
 
"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 submitted his bid to purchase the Stars in early September, setting in motion the plan of action for him to purchase the team. Tom Hicks, the team's current owner, then filed for a prepackaged bankruptcy that had the backing of the NHL because Gaglardi's bid was in place and the team had reached agreements with its creditors.
 
Gaglardi, who holds majority ownership of the Western Hockey League's Kamloops Blazers among his many business assets, told a Kamloops, B.C. radio station in August that he has a personal connection to Dallas.
 
"My mother is from there, I have half my family living in the Dallas/Fort Worth area," Gaglardi said. "I used to go there every summer to visit grandparents, aunts and uncles until I got too old to keep doing that. There's huge familiarity with me being in that marketplace."

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