An agreement is in place to sell the Dallas Stars
to Vancouver businessman Tom Gaglardi and his family.
That deal is subject to a court-approved auction and NHL approval.
To facilitate the deal, current Stars ownership has filed for Chapter 11 bankruptcy in U.S. Bankruptcy Court in Delaware. The voluntary filing includes an NHL-supported plan that includes a court-supervised auction of the team and other hockey-related assets, as well as a guarantee that the team will remain in Dallas.
"Today's filing culminates months of cooperative effort by the League, the Club, the Club's lenders and Dallas Arena LLC," said NHL Deputy Commissioner Bill Daly. "It represents an extremely positive step toward what we expect will be an orderly transition to new ownership for the Dallas Stars
Gaglardi is a co-owner of the Kamloops Blazers of the Western Hockey League. His partners include current and former NHL stars Shane Doan
, Mark Recchi
, Jarome Iginla
and Darryl Sydor
. Gaglardi also is the CEO of Northland Properties, which is the parent company of Sandman Hotels, Denny's restaurants of Canada, Moxie's restaurants, Shark Clubs and other real estate and hospitality businesses.
"This is a significant step toward completing the transition in ownership," said Stars President Tony Tavares. "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."