Dallas Stars Officially Announce Tom Gaglardi as New Owner

It is official. There is no longer any doubt of any kind. At all. The Dallas Stars have a new owner and that man is Tom Gaglardi.

Gaglardi was confirmed by the board of governors earlier this week via a unanimous fax vote, the bankruptcy court judge approved the prepackaged plan this morning and the objections were worked out earlier this month. They spent the rest of today presumably dotting the i's and crossing t's and now, finally, we write our last report on the "ownership situation" that has cast a shadow on this team, it's players, it's employees and it's fans for 22 months.

There's little time to dawdle, both on-ice and off as Tom Gaglardi officially names Jim Lites the new team president in the release announcing his ownership, and the Stars of course skate in Colorado just four hours from now.

From the official Dallas Stars press release...

"Jim Lites is the right guy at the right time to reposition and lead the franchise forward," said Gaglardi. "I like his vision, resilience, marketing expertise and his total energy for this job," said Gaglardi, "and he and I share a huge love of this game. "

The 43-year-old Gaglardi is the President of Northland Properties Corporation, the largest family-owned hospitality company in Canada. He has played hockey since he was five years old, and, in fact, he continues to play hockey on a Canadian competitive team. Gaglardi has noteworthy Texas roots; his mother is a Longview native, and he has "serious UT relatives" who live west of Fort Worth.

"I know the fans and the organization are relieved that this period of uncertainty is over," said Gaglardi. "The team has established a solid foundation, and I am looking forward to working with Jim Lites and Joe Nieuwendyk, who I have always admired and think is doing a superb job, to reignite fan enthusiasm for this club."

You may now start your official, epic celebrations. It's time to move on.

The full press release from the Stars is after the jump...

GAGLARDI PURCHASES THE STARS

New owner to be introduced Monday; Jim Lites Returns As President/CEO

FRISCO, Texas (November 18, 2011) - Tom Gagliardi, President of Northland Properties Corporation, today purchased the National Hockey League Dallas Stars. The new owner will be introduced Monday at a news conference at American Airlines Center.

Gaglardi (pronounced guh-lar-dee) announced that he has named Jim Lites as the President and CEO of the Dallas Stars. Gaglardi said he believes that Lites will give a huge jump-start to the team as it works to recharge the Dallas Stars and fan experience.

"Jim Lites is the right guy at the right time to reposition and lead the franchise forward," said Gaglardi. "I like his vision, resilience, marketing expertise and his total energy for this job," said Gaglardi, "and he and I share a huge love of this game. "

The 43-year-old Gaglardi is the President of Northland Properties Corporation, the largest family-owned hospitality company in Canada. He has played hockey since he was five years old, and, in fact, he continues to play hockey on a Canadian competitive team. Gaglardi has noteworthy Texas roots; his mother is a Longview native, and he has "serious UT relatives" who live west of Fort Worth.

"I know the fans and the organization are relieved that this period of uncertainty is over," said Gaglardi. "The team has established a solid foundation, and I am looking forward to working with Jim Lites and Joe Nieuwendyk, who I have always admired and think is doing a superb job, to reignite fan enthusiasm for this club."

Lites, 58, is very familiar with his position having held it twice previously. Lites returns to the Stars with a reputation as one the finest administrators in professional sports. Over the course of his two prior stints with the Stars (1993-2002; 2003-2007), the team won seven Division Championships, two Western Conference Championships, two Presidents' Trophies, and the 1999 Stanley Cup. Lites also served 11 years as COO of the Detroit Red Wings from 1982-1993. Since 2007, he managed the New York Football Giants' Personal Seat license program at its new stadium in East Rutherford, New Jersey. In addition, he has been a consultant to Worldplay Networks, a highly successful technology company in Calgary.

Details on Monday news conference will be released soon.

 

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