Today on his blog, Mike Heika of the Dallas Morning News has an exclusive up on the ongoing sale of your Dallas Stars. What we all have been wondering for the past few months has been why it has gone so slowly after the Texas Rangers sale was finalized.
Well, it's complicated. As Heika writes:
The decision by new Rangers owner Chuck Greenberg to separate the Rangers from the Stars in future television negotiations could be one reason buyers are not upping their offers for the Star. And the fact the lenders might be willing to finance this team for this season could be one reason the banks do not appear ready to lower the price.
The combined events could mean that fans could be waiting for a while for the team to be sold, according to several sources I talked to in the past few days.
To sum up the finer points in Heika's post:
- Bill Gallacher has removed his name from the negotiations, leaving Tom Gaglardi and two other unknown buyers waiting in the wings. Each buyer appears patient and willing to wait for the sale to play out.
- Chuck Greenberg's new 20-year deal for the Rangers with FSSW forces the Stars to "negotiate future deals on their own." This doesn't mean that the Stars won't have TV anytime soon, but Heika says it does affect franchise value.
- The lenders (for all intents and purposes) own the team at the present moment, and can choose to manipulate the sale how they wish. They are the primary financiers of the team this season. Heika reports they are willing to structure a deal with new ownership so that the lenders finance the team themselves.
- Bankruptcy doesn't appear to be imminent at this point at all.
- This pretty much guarantees the Stars will be stuck with a $45 million budget for the foreseeable future, at least until something big happens. The plan for all parties seems to be to wait until bigger offers come along, until then, things will stay stagnant for the time being.