According 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.