While the Atlanta Spirit group are almost in liquidation mode to get rid of the Atlanta Thrashers, the Dallas Stars’ sale could exceed $250 million. Tom Gaglardi’s offer to buy the team might exceed that surprising mark, according to Mike Heika’s sources.
It’s important to note that this is far from a confirmed report and is nowhere near a done deal, but if the team sells for that much, it would make them the ninth most valuable team in the NHL (according to Heika).
Forbes.com valued the team at $227 million, which left them in 10th place, yet those reports didn’t account for the team’s estimated losses of $15 million this season. Keeping those factors in mind, the lenders preparing to sell the Stars must be elated about that potential haul.
It’s important to remember that there’s still plenty to be done before this sale could be completed. Here’s a little more background on the situation from Heika’s report.
Gaglardi is in the middle of a 30-day exclusive negotiating window, according to several team and league sources. It is expected to end in late May. At that time, lenders who own the Stars will be able to shop Gaglardi’s offer around to see if other potential buyers might want to exceed it.
Others who have been interested in buying the team are Dallas businessman Doug Miller, Dallas businessman Billy Quinn, Mavericks owner Mark Cuban and Calgary businessman Bill Gallacher. Miller, Quinn and Gallacher have declined comment, while Cuban has said he is mostly interested in the Stars so he can get full control of AAC.
The team will likely go through bankruptcy court, a subject we discussed in this post. Heika provided a little more insight on that bankruptcy process, though.
All involved are hoping they will be able to take care of any auction situation before moving into the courts, and that the bankruptcy hearing can be closed within three days, as the Chicago Cubs did in 2009.
The Rangers’ bankruptcy went through several days in court that spanned almost two months in the summer of 2010.
There’s one more interesting piece to the puzzle: the pending unrestricted free agent status of the team’s most valuable player, Brad Richards. Considering the likely demand for his elite playmaking skills, the Stars should probably show him that they have the stable ownership group necessary to put a competitive team on the ice.
Richards spoke about the latest ownership developments and shared his thoughts about free agency (which begins on July 1) on NHL Live.
“Right now there is no deadline in sight because July 1 is so far away,” Richards said. “It’s try to get my body back to normal, relax and think things over and give it a chance over there in Dallas to see what happens with ownership. It sounds like things are moving a little bit right now. We’ll see. Sometimes you hear things differently than what’s actually happening. At least there is some movement and talk.”
“The main thing will be talking to my family and trying to win,” he said. “It’s been too long since I had that chance to win the Stanley Cup. I kind of thought we’d have a couple more cracks at it by now. That will be the main focus. If Dallas is the place where I think they can win then that’s the place and hopefully it can work out. We’ll see what happens.”
Perhaps Richards provided the operative phrase in this situation: “We’ll see what happens.”