The next step in the Dallas Stars sale process is complete. The team announced on Thursday that they have filed a prepackaged chapter 11 plan in United States Bankruptcy Court to aid in the team’s sale. Lenders have worked with the team to put together the plan that would sell the team to Vancouver businessman Tom Gaglardi for an estimated $230 million—yet the sale is still subject to higher bids within the context of the bankruptcy proceedings.
Straight from the Dallas Stars’ press release:
To facilitate the sale, Dallas Stars, L.P. has commenced a voluntary chapter 11 bankruptcy case in the United States Bankruptcy Court for the District of Delaware in Wilmington, including the filing of a “prepackaged” chapter 11 plan. The chapter 11 process has the support of the National Hockey League and the Dallas Stars’ lenders, who voted to accept the prepackaged plan prior to filing. The prepackaged plan provides for a court-supervised auction of the Dallas Stars Club and other hockey-related assets. The purpose of the sale is to allow for a smooth transition in ownership, while ensuring that the Dallas Stars continue to play at the American Airlines Center in Dallas. The Plan provides that the Dallas Stars will pay and perform all of its obligations to its fans, players, employees, and vendors.”
It’s important to note that this is merely a procedural step in this particular sale. People will see the word “bankruptcy” and automatically assume that the Stars are yet another NHL team that is in financial dire straits. That’s not the case. In the Stars circumstance, there are various lenders who are owed debts that were incurred under the previous regime. In order to handle the debts within the context of the settlement, a prepackaged plan in Bankruptcy court is a viable solution to address all necessary parties. Still, there will be those outside the hockey world who will see “bankruptcy” and make the leap toward financial instability within the sport. That may or may not be true in other markets—but not in Dallas.
The news comes as the Dallas Stars’ players and coaches look to start the 2011-12 season on the right foot. Fortunately, the team’s sale should not affect the players on the ice or the inhibit GM Joe Nieuwendyk from doing his job. President Tony Tavares explained that it will be business as usual for the players starting training camp this week:
“This is a significant step toward completing the transition in ownership. 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.”
This season is shaping up to be a year of renewal for the Stars. Between the sale and a new coaching staff led by Glen Gulutzan, the team will look to create a new identity and get back to the playoffs for the first time in three seasons. A young coach leading the young players on the ice will help—but solidifying stable ownership will be the most important thing the team accomplishes this season.
Maybe the Stars will be able to start spending money once again? We should find out in late November.
Chicago Blackhawks fans, start your engines!
Yes, according to MotorSportsTalk, the Blackhawks have become the main sponsor of CJ Wilson Racing’s No. 35 car, a Porsche Cayman GT4 Clubsport, for the upcoming IMSA Continental Tire SportsCar Challenge event at Road America next month.
That’s a sweet ride.
The partnership will officially launch at the United Center on Wednesday, August 3, from 11 a.m. until 1 p.m in advance of Saturday’s race. Fans will have the opportunity to get up close to the car, meet the drivers and Blackhawks Ambassador Denis Savard, and have their picture taken.
The race takes place Aug. 6 at Road America in Wisconsin.
Since being selected by the Coyotes at 13th overall in the 2010 NHL Draft, Brandon Gormley has had a difficult time breaking into the league on a full-time basis.
On Thursday, the 24-year-old Gormley joined his third NHL team, signing with the New Jersey Devils on a one-year, two-way deal worth $650,000 at the NHL level, the club announced.
Despite his draft status, Gormley has yet to play a full season in the big league, although this deal could give him an opportunity to end that. For the Devils, the deal adds more depth to the blue line in the organization and for a friendly price.
Last season, Gormley split time between the Colorado Avalanche and its farm team, the San Antonio Rampage. Despite some high expectations about where he could fit on the Avs’ blue line, he was eventually put on waivers in January.
He ended the season with one assist in 26 games with the Avalanche, and hit the open market after Colorado didn’t give him a qualifying offer.
After ongoing contract talks between the Minnesota Wild and restricted free agent defenseman Matt Dumba, the two sides have come to a deal.
The Wild announced Thursday that they had signed Dumba to a two-year deal, worth a total value of $5.1 million.
A breakdown of the new deal:
— In 2016-17: $2.35 million.
— In 2017-18: $2.75 million.
Selected seventh overall by the Wild in 2012, Dumba had his most productive campaign this past season, with 10 goals and 26 points in 81 games.
Known for his offensive skills — he had 20 goals and 57 points with Red Deer in the WHL in his draft year — Dumba also brings a coveted right-shot to the Wild blue line, which features four players with contracts of four or more years of term remaining.
As per General Fanager, the Wild still have $2.168 million in projected cap space, but they have secured all their remaining restricted free agents.
The New York Rangers announced that they’ve re-signed Marek Hrivik to a new contract. The term and financial details of the deal were not released.
Hrivik signed with the Rangers as an undrafted free agent in May 2012. The 24-year-old made his NHL debut in 2015-16 and ended up playing five games for the Rangers. He had one assist and a plus-3 rating during his time in the NHL.
The young forward was an important part of New York’s AHL affiliate in Hartford. Hrivik finished his AHL campaign with 12 goals and 29 assists. He tied for the team lead in assists and finished third in points.
If you go by Hrivik’s tweet, it appears as though he signed a one-year contract:
Now that Hrivik is re-signed, the Rangers have no more free agents of any kind, per General Fanager.