Tag: Mark Cuban

Mark Cuban

Mark Cuban says now is the time for NHL to fix itself


NBA owner Mark Cuban has never been a guy to stay quiet. Having gone through a lockout last year in basketball, getting asked about the NHL lockout yields some curious perspective.

Jimmy Toscano of CSNNE.com spoke with the Mavericks owner, and in Cuban’s mind it’s up to the NHL to get itself fixed right now.

“When you have all your southern franchises basically sucking wind, there’s a message there that you have to fix it,” said Cuban. “I mean, you have two different worlds; the north and the south. It’s kind of like the civil war right now going on, and it’s got to be fixed.

“So, yeah I’d cringe more as a hockey fan. I’d cringe more if they don’t fix it. Just like the last one, it’s only been like seven years right? But I even wrote a blog back then that they should have fixed it, and they didn’t.”

So wait, who does that make Ulysses S. Grant in this whole mess?

Cuban’s thoughts on supporting the weaker franchises hint towards the fight over revenue sharing, but also the fight over getting rid of back-diving contracts, the kind the rich teams can afford and the poor teams can’t.

As for how he figures negotiations are going, Cuban was blunt:

“They’re both cluster[expletives]. There’s no good way [to negotiate] because everybody thinks they have a solution in those scenarios and nobody wants to listen to the other guy’s solutions.”

Are we sure there isn’t an NHL team for him to buy?

Tom Gaglardi submits bid to NHL to purchase Dallas Stars


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.

Former Texas Rangers CEO Chuck Greenberg becomes latest name attached to Dallas Stars sale


If recent NHL ownership situations taught us anything – from the fumbling in Phoenix to the Atlanta Thrashers’ quick relocation to Winnipeg and Terry Pegula’s charmed start with the Buffalo Sabres – it’s that it is rarely safe to assume anything until the ink dries on official contracts. I’ll go ahead and pause so you can apply a grain of salt to the latest round of Dallas Stars sale rumors.

OK, now that you’ve been debriefed on the requisite disclaimers, the latest rumor is that former Texas Rangers CEO Chuck Greenberg might jump into the fray that is the impending sale of the Stars. Mike Heika added a little more steak to the sizzle by citing two unnamed sources who confirmed that Greenberg has been approved as a “potential buyer” for the Stars.

Vancouver businessman Tom Gaglardi was considered the frontrunner as the next Stars owner for quite some time and he recently enjoyed an exclusive negotiating window to buy the team. That being said, Heika reports that other teams will be allowed to outbid Gaglardi’s attempts once that process is completed. There are also some complications because the team will need to go through bankruptcy before a deal can be made, so this process is far from resolved.

I apologize in advance if the next few paragraphs make your head spin, but here is a breakdown of what could happen in the near future, via Heika.

In addition to a judge probably opening an auction in a pre-packaged bankruptcy hearing, there is a chance the NHL and the lenders show Gaglardi’s offer to other potential buyers before they even go to bankruptcy. That way, they could hold an auction before the auction and possibly make the pre-packaged bankruptcy go smoother and more quickly.

It is believed that other groups who have been approved to look at the books – a group that includes local businessman Billy Quinn teaming with Mavericks owner Mark Cuban, a group led by Allen Americans owner Doug Miller and a group led by Detroit businessman Christopher T. Charlton – could also put forth a bid that would be above that of Gaglardi’s.

There also is the chance Gaglardi decides to not make a bid, and the auction process would open again.

Getting back to Greenberg, he has an interesting history both with local sports teams and with NHL ownership changes. Stars fans will probably be most familiar with him being one of the faces of the group (also including legendary pitcher and Robin Ventura puncher Nolan Ryan) that eventually one a bidding war with a group headed by Mark Cuban to buy the Texas Rangers. Greenberg resigned from his position as CEO pretty soon afterward, however.

Hockey fans with long (and vivid) memories might also remember Greenberg as a lawyer with close ties to Mario Lemieux. Greenberg helped Lemieux through the process that helped him become the owner of the Pittsburgh Penguins and also assisted Lemieux & Co. during the process to get the Consol Energy Center built. So there’s definitely a hockey connection, not just the association with sports in the general Dallas-Fort Worth area.

Of course, none of that ensures that Greenberg/a group including Greenberg would be the one that eventually buys the Stars. That being said, if these rumors have validity, then there could be a solid collection of people fighting to get the team (at least compared to more desperate, desolate situations like the one in Glendale). Hopefully the Stars will go back to being one of the NHL’s best successes in a “non-traditional” market once their ownership situation gets a little less cloudy. We’ll keep you updated about the Stars’ ownership situation either way.

Mark Cuban continues to stick around the Dallas Stars ownership situation


When Tom Hicks announced that he was looking for potential buyers for the Dallas Stars, one of the first names to be speculated was Mavericks owner Mark Cuban. He had money, shared the building with the Stars, and always came off in public interviews as a complete sports fan. As far as initial names go, it seemed within the scope of feasibility. A year later and his name is still being bounced around the rumor mill to purchase the Stars—but he’s still not about to buy the entire team from the Hicks Sports Group.

Possibly the most important reason why he’ll continue to be in the rumors is that he wants to own the beautiful downtown Dallas American Airlines Center. Back when the AAC was built in 2001, the Stars and Mavericks funded 50% of the arena with public funding covering the other 50%. Accordingly, both the Mavericks and Stars own the lease on the arena—Cuban shares ownership with the Hicks Sports Group.

It’s the lease more than the hockey franchise that has Cuban even mildly interested. Eddie Sefko of the Dallas Morning News caught up with Cuban and asked him where he stood with the Dallas Stars and their impending sale.

“Nothing’s changed,” Cuban said before Friday’s game. “I’ll help anybody who gives me a better shot at the rest of the arena.”

Asked if he would do it himself, he said he would not.

“I’m going to let someone else do the work,” he said.

For the record, Cuban has stood firm on his stance. There was a report a few weeks ago that Allen Americans owner Douglas Miller was interested in buying the Dallas Stars and Cuban said he’d only be interested in playing a small role in the purchase when the Hicks Sports Group announced they were looking for a new owner. Thirteen months later he’s sticking to the same story. Whether he likes it or not, his name is going to continue to keep coming up in the discussions until the Stars are finally sold and the ink is dry on a contract. Until then, people will keep connecting the dots between his big personality, large bank account, and interest in owning the Mavericks’ home.

As always, we’ll update as details become available.

Convenient timing? A buyer for Dallas Stars emerges after not dealing Brad Richards

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Yesterday the Dallas Stars stood pat and opted to not trade their top centerman Brad Richards. The commitment to Richards was stunning considering that Richards is an unrestricted free agent at the end of the season and with Dallas’ ownership being in a league-watched bungle, their ability to offer him a long term, financially lucrative deal is severely hampered.

A funny thing happened on the way toward the playoffs for the Stars today, though, as a report emerged from Ken Campbell of The Hockey News saying that a new name has emerged from the darkness to express interest in buying the Stars. Owner of the Central Hockey League’s Allen Americans, Douglas Miller, is reportedly interested in buying the Stars and may have an offer on the table for the team already.

…Miller’s offer is believed to be for about $110 million cash, but it would likely be publicly announced as somewhere in the $225 million range. That’s because in addition to the purchase price, Miller would assume about $20 million in existing debt, most of which is owed to the NHL for the advancement of television and revenue sharing money to help keep the Stars afloat. Also built into the purchase price would be four years of losses estimated at about $25 million per year.

According to a source with knowledge of such matters, the Stars have lost between $26 million and $28 million over the past 12 months. NHL commissioner Gary Bettman insisted at his All-Star Game news conference in January that the league is not funding the Stars, but multiple sources have confirmed the Stars have been using advances on television and revenue sharing money and have required more than one advance to continue to pay the bills as a new owner is sought to replace Tom Hicks.

With that sort of investment into the team, it would go a long way into curing the ills of the Stars and the ultimate failings of Tom Hicks. If it’s something that could be completed by July 1, it’s also the kind of financial dedication that could help keep Brad Richards in Dallas.

As with all things Dallas, there’s the specter of having Mavericks owner Mark Cuban having interest, something to which Campbell’s piece hits on. Cuban’s had interest in the past of buying the Pittsburgh Penguins, an ovation that Cuban had as part of a group with Dan Marino and other Pittsburgh-based investors. That interest didn’t pan out and Cuban went back to hanging on to the Mavericks and getting half the revenues from playing at American Airlines Arena in Dallas.

The one lure to owning the Stars for Cuban would mean that he’d control all sports revenue that went through the arena if he owned the Stars as well. Of course, with the NHL being a big of a bear to make it work financially for some owners, Cuban’s been reticent to get involved in NHL wrangling.

As always with these reports, they come shrouded in mystery and questions about the validity of everything involved. For now though, Dallas Stars fans have a reason to be hopeful that they’ll get new ownership soon and a reason to think that Joe Nieuwendyk didn’t make a mistake by not trading Brad Richards.