Forbes report: Dallas Stars close to being sold for $275-$300 million

dallas_stars.gifThe saga surrounding the sale of the Dallas Stars may finally be coming to an end. Mike Ozanian of Forbes Magazine is reporting that the team is on the brink of being sold for an amount in the range of $275-$300 million. He goes on to add this tidbit:

The sale of the Stars  tells me two things: creditors of Hicks Sports Group will recoup some $200 million on top of what they will receive from the sale of the Texas Rangers and that despite the troubles of the Phoenix Coyotes, Atlanta Thrashers and Nashville Predators hockey can sell in the right southern market. Even the lower enterprise value for the Stars works out to  a rich 2.8 times revenue and 23 times operating income. Those are NBA-like multiples.

Considering that Hicks was able to recently get rid of the Texas Rangers in a messy litigation wrestling match that involved Nolan Ryan (who along with Chuck Greenberg ultimately bought the team for $590 million), Tom Hicks’ escape from the burden of professional sports is nearly complete. Liverpool soccer fans will be disheartened to know he’s still involved with them.

Ozanian fails to note, however, that hockey in Dallas is an enterprise unto itself and one that’s vastly different than the issues in Phoenix, Atlanta or Nashville. In Dallas, hockey has been a roaring success. Attendance is never an issue, the team has generally always been successful there and it’s grown the game in Texas by leaps and bounds. After all, do you think the AHL would have three franchises there without it going over well with the locals? I think not. The Stars are without a doubt a successful NHL franchise and their location in Texas just shows that if you bring a winner to town it can do well.

With Hicks out of the picture, whether the new owner is Bill Gallacher or Tom Gaglardi remains to be seen, but so long as they’re in place, you have to think that the shackles will come off of the finances of the Stars. This summer has seen the Stars rein things in a bit in regards to spending money, leading to trade rumors involving Mike Ribeiro being shipped out so the team could lose his contract. The Stars, as it sits now, have the sixth lowest payroll in the NHL. That may jump up a bit once they sign restricted free agents Niklas Grossman and James Neal. Getting Hicks’ toxic-of-late presence out of Dallas and the NHL should do both a world of good.

Scroll Down For:

    Friday’s loss serves as ‘harsh lesson’ for Blue Jackets

    Jasper Fast, Nick Foligno, Henrik Lundqvist
    Leave a comment

    Late in the third period of Friday’s game against the New York Rangers, things were looking good for Columbus.

    Brandon Saad, who the team acquired from Chicago this off-season, scored his first goal of the season to give his team a 2-1 lead with under four minutes remaining in the contest.

    Unfortunately for the Jackets, that’s as good as it would get.

    The Rangers responded with three unanswered goals from Oscar Lindberg, Kevin Hayes and Mats Zuccarello to spoil Columbus’ home opener.

    “When something like that happens at the end, I think we’re gonna be a better team because of it,” defenseman Ryan Murray told reporters after the game. “It’s a harsh lesson, but it’s a good one.

    Luckily for Columbus, they won’t have to wait very long to try and get their revenge.

    The Blue Jackets and Rangers will finish off their home-and-home series at Madison Square Garden on Saturday night, which might not be such a bad thing for Columbus.

    “It’s good that we get another chance tomorrow,” Saad said after Friday’s game. “We were high on emotions (after the go-ahead goal) and they scored and it took the wind out of our sails, but we have to keep playing. We have to learn to keep doing our thing, regardless of the score.”



    Kings GM says Mike Richards went into ‘a destructive spiral’

    Mike Richards

    The Los Angeles Kings may owe Mike Richards money until 2031 (seriously), but in settling his grievance, the team and player more or less get to turn the page.

    Not before Kings GM Dean Lombardi shares his sometimes startling perspective, though.

    Lombardi has a tendency to be candid, especially in the press release-heavy world of sports management. Even by his standards, his account of Richards’ “destructive sprial” is a staggering read from the Los Angeles Times’ Lisa Dillman.

    “Without a doubt, the realization of what happened to Mike Richards is the most traumatic episode of my career,” Lombardi said in a written summation he provided to the Los Angeles Times. “At times, I think that I will never recover from it. It is difficult to trust anyone right now – and you begin to question whether you can trust your own judgment. The only thing I can think of that would be worse would be suspecting your wife of cheating on you for five years and then finding out in fact it was true.”

    Lombardi provides plenty of eyebrow-raising statements to Dillman, including:

    • He believed he “found his own Derek Jeter” in Richards, a player who “at one time symbolized everything that was special about the sport.”
    • Lombardi remarked that “his production dropped 50 percent and the certain ‘it’ factor he had was vaporizing in front of me daily.”
    • The Kings GM believes that he was “played” by Richards.

    … Yeah.

    Again, it’s a powerful read that you should soak in yourself, even if you’re unhappy with the way the Kings handled the situation.

    Maybe the most pressing of many lingering questions is: will we get to hear Richards’ side of the story?