DMN: Tom Gaglardi Back Leading Bidder on Dallas Stars Sale
by Brad Gardner on Apr 19, 2011 1:49 PM CDT
in Dallas Stars Sale
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PrintAccording to Mike Heika of the Dallas Morning News Canadian businessman Tom Gaglardi has become the leading bidder for the team. Again. Gaglardi is 43 years old and is president of a parent company to many hotels and restaurants throughout Canada.
The first thing you need to know is that Mike has two sources on this and he wouldn't go on record with it if he didn't (and feel good about them.) That's a good thing, but it seems a lot like all the other things. Bill Gallacher. Doug Miller, etc, and nothing ever happens. Stars fans hope this is a sign that things are going to pick up soon because they want a crack and Brad Richards and any potential new owner knows he needs a crack at Brad Richards as well.
[He] could become the stalking horse in what could eventually become an organized bankruptcy case that would allow the exchange of the ownership from a group of lenders led by Monarch Investments. The bankruptcy case could be necessary to make a clean separation from the complicated group of lenders (some of whom will not be compensated) and new ownership. The bankruptcy court would allow other buyers to outbid Gaglardi, but they would have to do so by a stated amount, and Gaglardi would receive compensation if he does not get the team.
Bankruptcy court are the worst two words in the English language as far as this blogger is concerned and could signal a messy process (OK, messier process) to come and there is precious little time to spare.
Mike says that at least one source has intimated the lenders lost somewhere around $15 million this season running the Stars and that the lack of playoffs has motivated them to do something now. He goes on to draw the logical conclusions between losing $15 million on a $45 million payroll and how much MORE a new owner would lose on a $55 or $60 million payroll.
That makes sense and it underscores the importance of getting an owner in here who wants to win and get his name on the Stanley Cup. Tom Gaglardi is interested in doing that and don't rule out Doug Miller, owner of the Allen Americans. Unconfirmed reports have been circulating in back channels that he's still alive in this fight. If it does go to court then everyone will have their chance to put all the cards on the table.
What we really need to see is a second report with a development or a confirmation. Going back to last July every "report" has been a one-off, stand alone piece of news, usually refuted within 12 hours. Consecutive reports with developments would be encouraging. After all, you people are keeping Brad Richards waiting.
Check out the DMN and digest the whole thing while we continue to do the same.
Also, thanks to DBD reader muppet for pointing out that the Stars were featured on the Dreger Report today:
The National Hockey League and the Dallas Stars seem optimistic a new owner will soon be confirmed.
The NHL won't comment on the negotiations with prospective buyers, nor will the league identify those involved, but sources say one group has been given a 30-day exclusivity window to finalize the details of the purchase.
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Don't the stars get an equal portion of the tv revenues though?
That’s almost $7 mil per year from that, if that’s the case.
"I’m going on record that he read it wrong. We’ll see who’s right." - Hull Fan, in regards to Joe not trading Richards
Lost AAC revenue.
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by Brandon Worley on Apr 19, 2011 3:08 PM CDT up reply actions
Ah, gotcha.
I was thinking that “No Mavs = More ticket sales for Stars = Makes up for revenue” but that’s really not the case.
This is why I’m not in business. lol.
Today's Dreger report
The Dreger report also included this little tidbit today:
The National Hockey League and the Dallas Stars seem optimistic a new owner will soon be confirmed.
The NHL won’t comment on the negotiations with prospective buyers, nor will the league identify those involved, but sources say one group has been given a 30-day exclusivity window to finalize the details of the purchase.
That's big news
And I think it deserves an update to the article!!
Blogging about the Texas Stars at 100DegreeHockey.com
That sounds so damn good.
But I don’t think I’ll believe anything good’s going to happen until the deal is done. So tired of getting my hopes up. :(
i'm with you on that one.
I’ll wait to be overly excited until the new owner is officially announced, and he holds a press conference saying he accepts nothing less than a stanley cup.
"I’m going on record that he read it wrong. We’ll see who’s right." - Hull Fan, in regards to Joe not trading Richards
It sounds like Gaglardi was given the "exclusivity" period
But that a power struggle within the group of lenders themselves (some of whom will not be compensated for whatever reason) will force the bankruptcy court, which sucks for Gaglardi bc he’s just trying to buy the team.
As long as it gets resolved quickly.
Honestly, I think whoever buys the team gets a steal, if it’s structured like the news said before… something like $25 mil of losses for 4 years structured into the price tag. That means you buy a team for $150 mil, take no losses for 4 years, and produce a cup contending team.
"I’m going on record that he read it wrong. We’ll see who’s right." - Hull Fan, in regards to Joe not trading Richards
I think whoever buys this team is taking an awfully large risk.
They may build some loss into the structure but what happens if they can’t turn the team into a good team? then…bam…you’re the Thrashers.
This isn’t Toronto or Edmonton where they spend $$$$$$ on payroll, suck, and people show up to every game and give them an ovation on the last night of the year.
Here it’s: Make this a good team fast, or you are BONED
by Brad Gardner on Apr 19, 2011 2:08 PM CDT up reply actions
I think it's somewhere between the two extremes you just listed.
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by Brandon Worley on Apr 19, 2011 2:56 PM CDT up reply actions
I also think that you would`t see this team having fallen
into this predicament in the first place if Hicks had not of just cut spending off completely…I mean not necessarily to the cap but an extra 5 million in spending the smart way and this team would have probably made a serious playoff push last year, and been much stronger through injuries this year.
The Hawks had very similar problems the Stars are going through because they had an old dirt cheap owner that would not invest into the team. Hes gone they put a ton of money into the Hawks up front and bam 5 years later that team is making money hand over fist and managed to loose what 6 regular roster players and still made the playoffs. I am not saying Chicago is not a different animal, but the concept is the same. Get the team good, spend your money smart be successful on the ice and fans and money will soon follow.
The Thrashers?
So if the new owner doesn’t come in and do something quick, they’ll be the Hamilton Stars in a few years? That seems a little out there.
by Giant Space Ants on Apr 19, 2011 10:07 PM CDT up reply actions
And I just read what you wrote lower down in the thread
So shame on me for not reading everything. But I still don’t see how this team could become comparable to the Thrashers any time soon, outside of the standings.
by Giant Space Ants on Apr 19, 2011 10:14 PM CDT up reply actions
Ugh, never mind, I'm starting to see what you meant (hemorrhaging $ and all that)
I’m having a rough time today, apparently.
by Giant Space Ants on Apr 19, 2011 10:17 PM CDT up reply actions
i just hope it gets resolved one day magically
i dont think they’re wanting to repeat the soap opera that was the Rangers sale. that was ugly and if the Rangers werent so good last year it wouldve left a very negative mark.
that was the most difficult part, the airing of the sale process; lenders, Hicks, Cuban, Ryan, Fox Sports, whomever. the more you knew the worse off you were!
this is the first time im seeing this though, Gaglardi’s mom is form Texas. yee-haw!
The Rangers sale is the 1st thing I thought of
As soon as I read the word “bankruptcy”
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by TracyJean on Apr 19, 2011 2:12 PM CDT via mobile up reply actions
Completely different situation with the Rangers though.
Absolutely, completely different.
The Rangers were in the process of being sold to Greenberg, who had an exclusive negotiating window. But because the lenders were pissed about not getting all of their money, they fought tooth and nail to go to court over this. It dragged out a process that was apparently all set and ready for the sell to be done, and it turned into a VERY public court battle between multiple sides.
Bankruptcy, in this case, could likely move the sale forward much quicker because it will force the lenders to accept the ruling and take the purchase that is made (if it reaches the agreed upon minimum.) If the courts aren’t involved, and there are lenders that apparently aren’t going to get their money, they could try and makes things impossible without a court ruling.
I’m actually very encouraged by this news.
Not all bankruptcy hearings are the same. This isn’t the same situation as the Rangers, with multiple sides (and Tom Hicks) fighting over a crazy amount of money and a crazy amount of items….and this isn’t the Coyotes, since there isn’t any issue with a lease with the city over the arena.
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by Brandon Worley on Apr 19, 2011 2:22 PM CDT up reply actions
According to Heika
The bankruptcy court would be because of “lenders [who] were pissed about not getting all of their money” to use your words, right?
I don’t like the sound of it. Not if he has an exclusive 30 day period to get something done. I’d prefer them to say “OK, he bought the team…”
by Brad Gardner on Apr 19, 2011 2:27 PM CDT up reply actions
Key phrase here.
and could become the stalking horse in what could eventually become an organized bankruptcy case that would allow the exchange of the ownership from a group of lenders led by Monarch Investments. The bankruptcy case could be necessary to make a clean separation from the complicated group of lenders (some of whom will not be compensated) and new ownership.
Obviously the whole “some of whom will not be compensated” part is troublesome, but this speaks to me like a situation where everyone is agreeing to a plan of action to move forward with the sale, and legally get this taken care of instead of everyone cock blocking each other in the process.
An “organized bankruptcy hearing” is much different than what happened with the Rangers or Coyotes, when they were forced into it. Sometimes, bankruptcy hearings are mere legal formalities in complicated business deals….which this would certainly be.
I have hope. I have to. It’s all I have left.
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by Brandon Worley on Apr 19, 2011 2:42 PM CDT up reply actions
From what I've understood, the "half dozen" or so potential buyers for the stars that have been mentioned several times before
are all “approved” or could be approved quickly by the NHL. That means the NHL would be happy to accept the highest bid.
Unfortunately, that wasn’t the case for the Rangers. If the buyer with the 30 day exclusive window is the highest sales price to begin with, then there’s no issue that could make bankruptcy complicated.
"I’m going on record that he read it wrong. We’ll see who’s right." - Hull Fan, in regards to Joe not trading Richards
Exactly. This is what I was getting at below.
The Rangers sale was a complete mess because of some back room dealing by Hicks lawyers and the lenders, which fucked everything up completely.
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by Brandon Worley on Apr 19, 2011 2:46 PM CDT up reply actions
Yep
This situation is reminiscent of the Chicago Cubs sale, which entered bankruptcy two years ago.
The Tribune plan calls for a separate bankruptcy filing by Chicago National League Ball Club, an affiliate not involved in the company’s Chapter 11 case. The CNLBC bankruptcy should last only a few days but is needed to ensure that sale is free of all liens and claims, and that contracts can be assumed and assigned.
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by Brandon Bibb on Apr 19, 2011 2:51 PM CDT up reply actions
Remember the Rangers started out as an "Organized"
bankruptcy. The problem with the process is it goes to court and disgruntled lien holders can disrupt what everybody else organized. Whatever, as long as it is moving forward it is better than the status quo.
Well...not exactly.
And going to bankruptcy court was not something everyone agreed upon or wanted, it was something that was eventually forced upon them.
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Proud member of the Joe Nieuwendyk support team.
by Brandon Worley on Apr 19, 2011 11:17 PM CDT up reply actions
so the Rangers (Hicks)
weren’t in bankruptcy when the sale went down? they are owned by the same lending group.
while we arent there yet (at least as public knowledge) the lenders havent sold yet b/c they havent received a monetary figure they’ve liked….just as with the Rangers.
yea, it’s not the same process as the Rangers, that’s obvious.
Greenberg and Nolan Ryan had an exclusive period to bid on the team
Even though their intial bid was lower than the other buyers. What happened was that the other ownership group had already screwed with the MLB and they never would have been accepted as potential owners. So HSG agreed to go with Greenberg, because they were already accepted by the league.
Then the lenders got their panties all in a wad because they learned just how much Green’s bid was over Greenberg’s and cried foul that they were going to lose money because of it. So now it became this court battle over whether the Rangers had the legal right to turn down more money for the team when HSG owed so much for the lenders.
It was also revealed that it was the Galitioto group, working for Hicks, convinced the other lenders to fight this fight to get more money ….. knowing that going to bankruptcy would open the team up for bidding — potentially — and bring a higher price for the team.
Mark Cuban signed on with Green, got MLB approval, and then proceeded to go to the auction against the Greenberg group. Greenberg won, the lenders were ecstatic and Tom Hicks walked away a richer man.
As for the Stars, completely different situation. COMPLETELY. There are no bidders, other than the whispers that we’ve heard. If there are lenders not getting the money they feel they are owed, then they could keep blocking the sale over and over again until they do. Going ahead and deciding to go to court, as an act of financial stability in regards to the sale and not some hostile attack during the sale process, could actually help the sale go smoother — while opening up the team to an auction.
The only truly bad thing about this would be the delays that would occur in the court system. Without lawyers screaming at each other in the hallways, however, the hope is that everyone agrees on a plan and moves forward together.
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by Brandon Worley on Apr 19, 2011 2:37 PM CDT up reply actions
This is great news!
The fact that Heika broke it, on the same day that Dreger mentioned something, is big. This is something Heika tracked down on his own, not a response to some half wit article for some guy that writes for TheHockeyWebzAwesomeWriterz.com.
Defending Big D - Dallas Stars news & analysis
Proud member of the Joe Nieuwendyk support team.
Oops... I fixed your typo.
This is something Heika tracked down on his own, not a response to some half wit article for some guy that writes forTheHockeyWebzAwesomeWriterz.comBleacherReport.com
"I’m going on record that he read it wrong. We’ll see who’s right." - Hull Fan, in regards to Joe not trading Richards
by Tsudbury on Apr 19, 2011 2:41 PM CDT up reply actions 2 recs
Oh, please let this all be true.
I need some good news.
I imagine the league would like something to happen soon, too, since it still has that mess out on Phoenix to deal with.
Oh yeah....one more thing
Of all the potential owners…Tom Gaglardi was my least favorite. By FAR. But….beggars can’t be choosers.
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i couldn't rememebr if it was gaglardi or galatolio that I didn't like.
Nuts.
Joe should be fired for his choice of owner.
"I’m going on record that he read it wrong. We’ll see who’s right." - Hull Fan, in regards to Joe not trading Richards
A while back the DBD guys wrote an article summarizing the 2 potential owners...
If someone can find it and post it, it might be relevant once again.
"I’m going on record that he read it wrong. We’ll see who’s right." - Hull Fan, in regards to Joe not trading Richards
Well...let's see.
He was involved in an ugly lawsuit over Vancouver Canucks ownership. He’s owned the Kamloops Blazers for four years and they’ve only sucked big hair nuts since then.
Oh yeah, and his WHL team completely banned a hockey writer because he was critical of the team. Did I mention that the Blazers SUCKED???
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by Brandon Worley on Apr 19, 2011 2:52 PM CDT up reply actions
lol
"I’m going on record that he read it wrong. We’ll see who’s right." - Hull Fan, in regards to Joe not trading Richards
Yeah, exactly.
I’m not going to be too pissed if he buys the team because…hell, he’s better than nothing.
Defending Big D - Dallas Stars news & analysis
Proud member of the Joe Nieuwendyk support team.
by Brandon Worley on Apr 19, 2011 3:02 PM CDT up reply actions
speaking of that
im holding my doug miller pennant as im reading this article…
by the way worst e-news ever...
by heyitsthatguy! on Apr 19, 2011 4:10 PM CDT up reply actions
What is he going to do, get rid of you and Heika and have the players interview each other?
Not like people are waiting in line to cover the Stars. I know they’re doing more in-house reporting, but until they stop making factual errors about their own team in every article they have no credibility.
Lol...I'm not worried about us
Although, it’s not unheard of in major sports. The Islanders banned a prominent blogger (Chris Botta) and now only have a single beat reporter who (barely) covers the team behind a paywall. And Mark Cuban is threatening to ban any “paid online blogger”.
I’m not worried, it’s just a bad precedent. It speaks to one hell of a complex about criticism.
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by Brandon Worley on Apr 19, 2011 3:34 PM CDT up reply actions
i reserve judgement on that situation until i know all the details...
how he was asking questions, how much was twisted (if any), if he ever actually said anything positive, and so on.
"I’m going on record that he read it wrong. We’ll see who’s right." - Hull Fan, in regards to Joe not trading Richards
but i'm too lazy to research it, so I'll just stay impartial.
"I’m going on record that he read it wrong. We’ll see who’s right." - Hull Fan, in regards to Joe not trading Richards
I'm just saying it's a bad precedent
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by Brandon Worley on Apr 19, 2011 3:41 PM CDT up reply actions
He wasn't twisting anything
He was just reporting on the team not being very good. That’s all.
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by Brandon Worley on Apr 19, 2011 3:41 PM CDT up reply actions
well then there you go.
Regardless of who’s right or wrong in it, you’re right about it being a bad precedent.
"I’m going on record that he read it wrong. We’ll see who’s right." - Hull Fan, in regards to Joe not trading Richards
Cuban was referring more to the magazine online guys b/c they spread rumors,
whereas the blogger or whatever you call yourselves, draw and build fan interest.
What...just...happened?
by RealDealNeal on Apr 19, 2011 6:49 PM CDT up reply actions
while im anxious for a new owner
this guy makes me very nervous, he wants a team in canada. even if bettman says the stars wont be moved, if ownership wants to move the team its only a matter of when not if…
by the way worst e-news ever...
Not a chance.
The NHL has to approve moving a franchise, first of all. And that won’t happen here in Dallas, too much money tied up in that arena.
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by Brandon Worley on Apr 19, 2011 3:28 PM CDT up reply actions
If they're taking THIS long to even DEBATE moving phoenix, there's no freaking way they would move the stars.
period.
"I’m going on record that he read it wrong. We’ll see who’s right." - Hull Fan, in regards to Joe not trading Richards
Dallas is top 10 in franchise value...
has a great arena, and a very viable market. The league has much bigger problems. Phoenix, Atlanta, Florida, New York Islanders….Dallas is a Top 5 media market too.
well
if you have billions of dollars its pretty safe to say you can do whatever you want and get away with it. while i agree that it would be a bad business decision to move the stars, i still feel that if an owner wants something he will get it. look at what happened in seattle, that ownership group bought the team with every intention of moving the team, legal or not, and now they’re in oklahoma city. the nhl can throw all kinds of penalties and lawsuits at the group but will ultimately settle out of court for a certain amount of money. sorry for bringing the room down, just have a bad feeling about this guy, he’s already tried to move one hockey team already.
by the way worst e-news ever...
Sorry, but this is ridiculous
It’s not that easy to move a sports franchise, it really isn’t.
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by Brandon Worley on Apr 19, 2011 3:42 PM CDT up reply actions
dude
you just talked about what would happen if the team doesn’t improve, nobody shows up and then what? if he can’t or won’t improve the team and people dont turn out what else would he do? is he really going to sit here and lose money year after year, eventually he would move the team to place he felt would be more profitable, and the nhl would support that if it meant more money.
by the way worst e-news ever...
by heyitsthatguy! on Apr 19, 2011 3:46 PM CDT up reply actions
You're right
If the Stars are horrendous for 10 straight years, no one is showing up, they’re losing money all over the place and suddenly go from a TOP TEN valuable franchise in the NHL to somewhere near rock bottom…..I could see the subject coming up. In a decade or so.
Of course, you could say that about any damn team. Look, the Stars have half of one of the most valuable arenas in the NHL, and that isn’t a lease that is going to be up anytime soon. You also have a team that…while it’s lost a bit of money recently, isn’t exactly hemorrhaging cash either. It’s not as dire a situation as you think, and this isn’t a case of an owner buying a team now…losing millions of millions of dollars on purpose, just so he can move the team. That won’t happen.
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by Brandon Worley on Apr 19, 2011 3:52 PM CDT up reply actions
brandon
i think you and i are both right, i see exactly what you’re saying, they would have to suck for awhile for the team to be moved. i know he cant walk in a move them overnight, but if he’s making plenty of money with his hotel business, which he is, then losing millions every year in order to achieve his goal of owning a team in canada is something he might be willing to do. all im saying is never underestimate how crazy someone can be when they have more money than they know what to do with. go stars!!!
by the way worst e-news ever...
by heyitsthatguy! on Apr 19, 2011 4:03 PM CDT up reply actions
But the Jets/Coyotes, Thrashers, etc. have sucked in a timeframe most easily measured in decades.
I think we have a lot more drain-circling to go before relocation talk starts.
PANIC!!!!!!!!!!!!!
"I’m going on record that he read it wrong. We’ll see who’s right." - Hull Fan, in regards to Joe not trading Richards
Besides he's just a horse... ... ...who is stalking
When was the last time any kind of victory involved a large horse?
… … …Well… … …that was ages ago though right?
But seriously it would be nice to put this part behind us. Isn’t it possible though that someone else comes in after him and bids higher and buys the team? I mean that would probably be the “wishful thinking” scenario but that would be okay by me too?
Either way, I would think that the buyers do officially have the upper hand and the lenders are looking to cut bait. It’s about dang time.
Heika suggests that the players were questioning decisions such as Woywitka over Mark Fistric --Brad Gardner
Maybe that's why Woywitka had that puzzled face after that goal....
"Shouldn’t Fistric have scored that?!" --Tsudbury
Let's get off the Hamilton thing
Hamilton is not a big city, it’s smaller than Fort Worth and it’s basically industrial. One prospective owner wanted to move Phoenix there and now all of sudden it’s in the running to get a team?! Oklahoma City probably has a better chance of the NHL coming to it! (not really, but it sounded good for my argument)
More Hamilton info
We went up to Hamilton for the AHL Western Conference Finals last summer. If Hamilton is serious about trying to get a team of any kind, they need to spend some serious money to upgrade or replace Copps Coliseum.
It’s an old building in desperate need of upgrades. The video screens in the building look like they were being fed with well used VHS tape. The crowd was quiet, and very small for a Conference Final. Three or four thousand fans won’t get it done.
I don’t know what Jim Balsille was thinking when he said Hamilton deserves a team, because based on my experience they don’t.
I really don't know where this is coming from, because you're a great part of this community...
But this is bordering on troll territory.
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by Brandon Worley on Apr 25, 2011 10:15 PM CDT up reply actions
To sum up my feelings and the rest of this thread,
JUST BUY THE GOD DAMN TEAM ALREADY!!!!!
That is all.
Damn did we miss Nicklas Grossman
The draft? fuck that, I can't wait for the next Alternate Jersey!!!
Bill Oellerman - "Starting on defense number forty... oh for fuck sake Crawford you may as well put Derian Hatcher's corpse there instead, and Bettmann would still give him a major....-four Jeff WOYWITTKAAA"
by Great British Stars Fan on Apr 20, 2011 3:24 AM CDT reply actions
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