Tom Gaglardi submits bid to NHL to purchase Dallas Stars

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Vancouver businessman Tom Gaglardi has been the front-runner to purchase the Dallas Stars for quite some time. Friday, Gaglardi took the next step in his quest to buy the Stars from a group of lenders led by Monarch Investments by submitting his proposal to the NHL for approval. By no means does this mean the sale is a done deal—but it’s a necessary step in the process for Gaglardi to finally acquire the team. If no news is good news, then this is great news.

Unfortunately, the sale isn’t as simple as a seller and buyer agreeing to terms and exchanging cash. If it were that easy, the deal would have been done in April when he first acquired the exclusive negotiating rights for the Stars. As Mike Heika of the Dallas Morning News explains, there are plenty of people who are owed money and want a piece of the pie:

“With more than 40 lenders who have legal rights to the Stars, one of the key contentions of the sale will be who gets paid what, as well as who gets paid first. The sale price is not expected to cover the debt, so some lenders will not get paid back.”

“’In a traditional sale, you have a seller who is trying to negotiate with a buyer, and you have traditional sale practices. But this isn’t a traditional sale,’ said one source. ‘You have a group of sellers who have different opinions, and that really means you don’t have a seller, per se. Into that vacuum has stepped a lot of lawyers, and that has made the process very complicated.’”

First, let’s reiterate that this is good news for people who want to see a deal get done. Once the Stars’ sale is behind the organization, they’ll be able to look to the future, set a realistic payroll budget, and once again focus on winning games on the ice. Over the last season, assembling the best team possible has taken a backseat to the ownership issues that have dictated the team’s direction (most notably with Brad Richards). This is a small step forward in the right direction.

At the same time, the situation is looking at a bunch of attorneys and debtors looking to get as much money as possible and a proposal that does not plan on paying all of previous debts. If the NHL approves the proposal, the next step is for the 40 lenders (and their lawyers) to fight in bankruptcy court to receive the best return on their previous investment possible. If the Phoenix Coyotes situation taught us anything, any time “NHL” and “bankruptcy court” are mentioned in the same sentence, it’s best to proceed with caution. Obviously, this is a very different situation—but there are still plenty of moving parts and interested parties for the NHL to appease.

Another point to consider within the context of the bankruptcy hearings is that all other potential ownership groups will be able to submit bids over the course of the proceedings. No matter what figure Gaglardi’s proposal includes, whenever there are names like Texas Rangers CEO Chuck Greenberg and Dallas Mavericks owner Mark Cuban involved (among others), there are bound to be a few fireworks if they’re still interested in the NHL franchise.

Just what the NHL needs: more court cases and legal actions surrounding one of their teams. For the sake of every Stars fan alive, hopefully today’s announcement is the beginning of the end of this drawn-out sale.

Report: Predators avoid arbitration … with Marek Mazanec

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The Nashville Predators avoided salary arbitration in at least one case on Thursday, but it wasn’t the biggest name they were worried about.

FanRag’s Craig Morgan reports that Marek Mazanec settled for a one-year deal worth $650K at the NHL level and $100K in the AHL.

That two-way split is quite relevant, as Mazanec probably comes in fourth on the Predators’ goalie depth chart behind Pekka Rinne, Jusse Saros, and Anders Lindback. Actually, with Matt O’Connor in mind, Mazanec may even come in at fifth.

One interesting wrinkle is that Lindback gets the same $650K at both levels while Saros and Mazenec see different salaries depending upon where they are, according to Cap Friendly’s listings. From a sheer financial standpoint, that might give Lindback some fuel to push as Rinne’s backup, though Saros is already pushing for starts after strong showings in 2016-17.

It’s not the easiest situation for Mazanec, but credit Predators GM David Poile for giving his team plenty of options in net. Both Mazanec and Lindback saw elevated action when Rinne was hurt in 2013-14, so these situations can change quickly at times.

Mazanec was the least crucial of the Predators’ three salary arbitration situations, as Viktor Arvidsson‘s hearing is scheduled for Saturday (July 22) while Austin Watson is set for Monday (July 24). Arvidsson emerged as a legitimate first-line winger last season, so that will be a significantly trickier situation for the Predators.

For more on Arvidsson’s situation, click here.

Penguins GM confident they can find third-line center with Bonino gone

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August is nearing, and the Pittsburgh Penguins haven’t made a trade or signing to replace Nick Bonino, their outstanding (but former) third-line center.

On the bright side, the Penguins have remarkable breathing room considering their status as repeat Stanley Cup champions. Cap Friendly places their 2017-18 room at about $10.38 million.

That robust space likely explains why GM Jim Rutherford seemed fairly calm about the whole situation, as Jason Mackey of the Pittsburgh Post-Gazette reports.

“I do feel confident that, by the start of the season, we’re going to have a third-line center that we’re comfortable with,” Rutherford said. “Whether it’s one of those guys on the list or one of the guys that I could go and get right today.”

Rutherford (jokingly?) said that he had a list of “hundreds of names” as options, although it’s difficult to top Mackey’s suggestion of Phil Kessel‘s buddy, Tyler Bozak. After all, Bozak is a competent player who carries a $4.2 million cap hit that Pittsburgh could comfortably absorb (and the Toronto Maple Leafs might need to shed). It doesn’t hurt that Bozak’s contract expires after 2017-18, so the Penguins wouldn’t be on the hook if things don’t work out.

Of course, Matt Duchene is another name worth considering. It almost feels a little strange to ponder that speedy Avalanche forward being a “third-line center,” especially if Pittsburgh would want to get the most out of him.

MORE: Duchene might begin next season with the Colorado Avalanche

After that, though … the pickings could be much slimmer than Rutherford indicated to Mackey.

Shallow pool

Take a look at this current list of forwards who are unrestricted free agents.

There are some potential bargains here (P.A. Parenteau, Jiri Hudler, anyone?), but the situation gets significantly shakier if you’re picky enough to look only at centers. The likes of Daniel Winnik and Ryan White are reasonable roster additions, but the drop-off from Bonino could be pretty drastic.

What about other trade possibilities?

That’s a shaky group, too, especially if you apply Bozak-like terms as far as guys who only have one year left on their current contracts.

Honestly, the Penguins’ best bet in looking at that list would probably come down to an in-season move with a team that realizes it’s not a contender or simply understands that a player won’t be back.

Maybe the Calgary Flames would want to cut bait on Matt Stajan or (less realistically) Mikael Backlund? Would the Ducks move speedy, versatile sometimes-center Andrew Cogliano? There are other remote possibilities, such as the Leafs instead trading Leo Komarov (or especially unlikely moves in Paul Stastny or Tomas Plekanec).

Even if the above list seems enticing, how many of those teams would really want to move those players now, especially the bigger difference-makers?

If you’re the Penguins, you’re probably hoping that a Bozak deal could take place. And maybe you’re sweating this situation more than you let on.

(Note: There’s also the slight possibility that the Penguins might identify a replacement from within, though a contending team like Pittsburgh might not be so comfortable with that approach.)

Blues have ‘wiggle room’ after locking up Parayko

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The St. Louis Blues didn’t break the bank to keep Colton Parayko for five more years, and that’s important since they don’t believe the NHL’s salary cap will rise significantly in the next little while.

Parayko’s cap hit came in at a manageable $5.5 million, as the two sides narrowly avoided an arbitration hearing that was scheduled for today.

“You like to have as much wiggle room as possible,” GM Doug Armstrong said, per the St. Louis Post-Dispatch. “Now we view the cap will stay flat for the foreseeable future. We’re content with the space we have. We’ll move forward and get ready for training camp.”

The Blues now have a number of key players locked up long term, including Parayko, Alex Pietrangelo, Vladimir Tarasenko, Alex Steen, Jaden Schwartz, Patrik Berglund, and Jake Allen.

For Armstrong, the next big decision could involve Paul Stastny, the 31-year-old center who can become an unrestricted free agent next summer.

But a decision on Stastny doesn’t need to be made now, or even before the season starts. It’s the trade deadline that could be the real pressure point, akin to the Kevin Shattenkirk situation this past year.

Per CapFriendly, the Blues have just over $3 million in cap space, with one roster spot left to fill.

‘Highly unlikely’ Suns will pursue shared arena with Coyotes

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The Arizona Coyotes appear to be on their own in pursuit of a new arena in the Phoenix area.

That’s because Robert Sarver, the owner of the NBA’s Phoenix Suns, says it’s “highly unlikely” he’ll pursue a shared arena with the Coyotes.

Instead, Sarver is focused on upgrading the Suns’ current home (and Coyotes’ old home) in downtown Phoenix, Talking Stick Resort Arena.

From the Arizona Republic:

Sarver said building a new arena would have “maybe made more sense” four or five years ago when the cost estimate was $450 million to $500 million. The costs now, Sarver said, are “significantly higher.” Thus his focus on upgrading Talking Stick, which soon will be the second-oldest arena in the NBA.

“I think it’s the most economically viable alternative for the city and us,” he said. “I like downtown Phoenix. That’s my first preference. I think the NBA is more of an urban game. That’s our demographic.”

Talking Stick Resort Arena, formerly called America West Arena when the Coyotes played there, was designed for basketball and isn’t ideal for hockey. In that way, it’s a lot like Barclays Center in Brooklyn, which hasn’t been a great fit for the Islanders.

The Coyotes recently hired a new president and CEO, Steve Patterson, whose top priority is finding the team a new home in the Phoenix area.