In a statement released by the Dallas Stars, Hicks Sports Group has acknowledged that a potential sale of the Dallas Stars is being explored. Tom Hicks, who is in the middle of selling the Texas Rangers, was rumored earlier this week to being forced to sell his NHL franchise by creditor "CIT Group," to whom Hicks has defaulted on loans.
Here is the release:
(Dallas, TX February 4, 2010) – Hicks Sports Group today confirmed that Galatioto Sports Partners ("GSP") has been retained to examine and advise the Dallas Stars on the possibility of securing new investors or selling a majority stake in the Dallas Stars. Last month, HSG announced it had reached a definitive agreement to sell its major league baseball club, the Texas Rangers. Officials said the Stars are in a "position of strength" because of the team’s long-term success.
"While a sale is not a certainty," said Jeff Cogen, president of the Dallas Stars, "it is a possibility, and Mr. Hicks has received numerous inquiries about the team. Those potential investors recognize that the Stars are a success story. We have the third best record in the NHL since 1996. If you look at the team, it has been built in the right way---building from within. It’s a role model, especially for the Sunbelt teams."
The team’s general manager, Joe Nieuwendyk, echoed Cogen’s statement.
"I am not surprised there is interest in this franchise," said Nieuwendyk. "I believe it is positioned for greatness for many years because of the youth in our system, our tradition of winning, and we have an established and enthusiastic fan base."
The language of the release is interesting. Galatioto Sports Partners is being retained to advise the Dallas Stars, it says, not Tom Hicks.
Any potential sale of the Dallas Stars could prove to be a protracted affair, and any positive financial effects from new ownership might not be felt for a number of seasons. Would a "lame duck" ownership status be a short term pain you'd be willing to suffer for the long term gain?
Do you have $300 million? Would you like to buy a hockey club?
Let the completely baseless, unsubstantiated Mark Cuban rumors begin!