Dallas Stars fans, start rejoicing.
The time when Tom Hicks is no longer the owner of the Stars is drawing ever closer, which can only be a relief during a time in which the team is completely handcuffed financially. Hicks Sports Group, the holding company that owns the Stars, is locked in a financial battle to pay back $525 million in defaulted loans -- HSG is currently attempting sell the Texas Rangers, and now it seems that the sale of the Dallas Stars is getting ready to take the next step.
David Shoalts of the Globe and Mail is reporting that according to his sources, the next owner of the Dallas Stars will be one of two Canadian businessmen.
The local potential ownership group, fronted by Jim Lites and with Mike Modano as a potential member, has fallen out of contention for ownership of the Stars according to Shoalts.
So that leaves Calgary oil businessman Bill Gallacher and Vancouver businessman Tom Gaglardi. Per Shoalts:
At this point, there is no favourite in this race but the clear winners barring any surprise developments will be the NHL and Dallas hockey fans. If either Gallacher or Gaglardi is presented to the league governors for approval this summer, it will be a second home run on the ownership front for NHL commissioner Gary Bettman after some embarrassing whiffs. Both men have deep pockets, something of a rarity among NHL owners in recent years.
The Stars are currently sitting $14 million or so under the salary cap with six spots open on the roster. In reality, the team is handcuffed by an internal budget that likely limits the Stars to $10 million under the cap; a very painful proposition for fans that see a team on the cusp of making the next step.
While Gallacher would be a welcome addition to the NHL and to Dallas, you have to think that Tom Gaglardi would ultimately be the best choice. He is part owner of the Kamloops Blazers and has ties with the NHL already. Gallacher’s deep pockets would be welcome, certainly, but one with deep pockets and an in with the league would be welcomed with open arms.
It’s highly unlikely that a change in ownership will be able to help the Stars this summer -- free agency begins in July and the board of governors still needs to vote on which ownership group they’d approve. It’s more than likely that both Gaglardi and Gallacher would be easily approved, it’s just a matter now of HSG and Tom Hicks deciding on the better offer. According to Shoalts, the team could be sold for between $200 and $240 million “depending on how the team’s debt under current owner Tom Hicks is handled.” Still, a change in ownership this summer will certainly free up the team for any moves they need to make next season.
The Stars have seen revenue drop a bit recently, after years of being one of the highest revenue-producing teams in the NHL. They missed the playoffs two years in a row for the first time since moving to Dallas and there is not doubt that the team has taken a backseat to the Dallas Cowboys, Dallas Mavericks and Texas Rangers -- a dangerous position to be in for hockey in North Texas.
Yet I can tell you that an eager and enthusiastic owner, one who is smart and yet still willing to spend the money, has the ability to make Dallas a hockey crazy city once more. The team has recently taken steps to lower ticket prices and get away from the “corporate” reputation that had surrounded the team since moving to American Airlines Center -- the lower bowl, once dominated by business-owned season ticket holders, is now being catered to the true fan.
Whether it’s Bill Gallacher or Tom Gaglardi, there’s no doubt that the change will be good not only for the Dallas Stars and the fans but for the NHL as well. Hockey is amazingly popular in Texas and the league needs for the Stars to be successful. More importantly, the team needs an owner that knows what it takes to build a successful team. Hicks’ strategy was to hand over control to Bob Gainey and then sit back and reap the benefits; since his departure as GM it’s been nothing but a downward spiral.