Stars Agree to Sell Team

Agreement is subject to court-approved auction, NHL approval

Friday, Sep 16, 2011  |  Updated 9:27 AM CDT
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Stars Agree to Sell Team

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The Stars said Thursday that the deal is subject to a court-approved auction and NHL approval.

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The Dallas Stars have signed an agreement to sell the team to Vancouver businessman Tom Gaglardi and have filed a prepackaged bankruptcy plan to help facilitate the transaction.

The Stars said Thursday that the deal is subject to a court-approved auction and NHL approval.

In their release, the Stars said the prepackaged Chapter 11 plan had support of the NHL and the team's lenders, who voted to accept it before filing in U.S. Bankruptcy Court for the District of Delaware in Wilmington.

A court hearing is scheduled for Monday, when the Stars are expected to present customary motions for court approval.

The Texas Rangers, who were also once owned by Tom Hicks, went through a similar process before that sale was completed last year.

Hicks released the following statement Friday:

“I am pleased that this sale agreement has been reached with the lenders’ endorsement, which should enable a smooth legal process and the Stars organization to focus completely on the upcoming season. I believe Tom Gaglardi will be an outstanding steward and continue the Stars' history of success on the ice together with Joe Niewendyck and his team who are doing a great job in rebuilding this young and exciting club.  Gary Bettman and the NHL have my gratitude for their excellent guidance and professionalism in dealing with this complex situation.”

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