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Dallas Stars Sale Update: Bankruptcy Filing Underway

After a day of will-they-or-won't-they, the Dallas Stars have filed for bankruptcy in Delaware according to Mark Stepneski on Twitter.

NHL Deputy Commissioner Bill Daly released the following statement regarding the filing:

Today's filing culminates months of cooperative effort by the League, the Club, the Club's lenders and Dallas Arena LLC. It represents an extremely positive step toward what we expect will be an orderly transition to new ownership for the Dallas Stars."

The Dallas Stars also released their own story about the filing here. The Stars had a few notes of interest within their statement:

The Dallas Stars Club is unequivocally committed to remaining in Dallas and playing its home games at the American Airlines Center. To that end, no bid submitted will be considered that contemplates moving the team from the American Airlines Center in Dallas.

More after the jump.

So maybe we can stop hearing all that relocation talk from other fans? Yeah, okay, it's wishful thinking on our part...

Because the plan has already garnered substantial support from the Club’s lenders, the Club expects to move through the legal process expeditiously and has requested that the Court hold a hearing in 60-75 days to confirm the plan and proposed sale, allowing the Stars to exit bankruptcy and complete the sale of the franchise by the end of November.

This fits within the timeframe of "by the end of the year" we were hearing previously.

"This is a significant step toward completing the transition in ownership," said Stars President Tony Tavares. "We are pleased that our lenders have shown substantial support for the plan and the sale process, but the Dallas Stars are focused on one thing: hockey. The players and coaches begin Training Camp on Friday and we are all excited to start the new season."

It's business as usual for the Dallas Stars, and the on-ice product will continue as it has been.

We'll have more as developments continue. Check back with DefendingBigD often for all your Dallas Stars news.

**Also see Dallas, as they have a piece up on the plan to complete the sale. We will have another post on this later/in the morning breaking down the time line and process.