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Dallas Stars Bankruptcy: Hearing To Approve Sale Moved To November 18

Good news for those wondering if the sale of the Dallas Stars would be moved up after Tom Gaglardi was confirmed as the lone bidder for the team and that his Stalking Horse Asset Purchase Agreeement would be used to purchase the team. Thanks to a heads up by Mark Stepneski, we've learned that the hearing to approve the sale of the team to Gaglardi has been moved from November 23 to November 18.

This means that Gaglardi could be approved by the courts as the new owner of the Dallas Stars as early as next week. The hearing on November 18 will be to approve of the sale and the confirmation of the prepackaged plan.

For those wondering about the objections on the bankruptcy made by General Electric, there will be a hearing on November 14 on the motion, although there is already an agreement between GECC and the debtors on the matter of the liability insurance issue at the Dr Pepper Starcenter.

So what does this mean, exactly?

If the courts approve the sale of the team and the transfer of assets to Gaglardi, he will become the legal owner of the Dallas Stars franchise after the November 18 hearing, contingent upon the initial monetary payments that are required to be made as part of the Purchase Agreement.

There is still the matter of the sale being approved by the NHL Board of Governors prior to Gaglardi being allowed to fully take over control of the team. The BOG is scheduled to meet the second week of December, although there is some speculation that a phone conference could be made so that Gaglardi is approved as the owner and the Dallas Stars can move forward financially and as a business.

Hopefully, that also means that the Stars will finally have a voice when it comes to realignment, which is going to be the main focus of the BOG meetings next month.

For now, rejoice in the fact that if everything goes as it should this team will have a new owner in place by the end of next week.