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Stars in Holding Pattern Waiting for Ownership Resolution (Updated)

From Mike Heika at Dallas News:

Nieuwendyk said he is in wait-and-see mode on many decisions.

As for the coach search, Nieuwendyk said the front office will get together to form a plan, but that there is a chance that the decision will need to be put on hold until a new owner is in place.

``We are sort of on hold in a lot of different areas because of the ownership situation,’’ said Nieuwendyk. ``We have a plan for the next couple of weeks, but we’ll form our timeline for the coach search at that time. We really haven’t even started yet.’‘

read on

Update 3:08pm ET: From Mike Ozanian at Forbes.com

Tom Gaglardi has offered to buy the NHL’s Dallas Stars and 50% of American Airlines Center from the bankers who took over the team from Tom Hicks for $100 million of assumed debt, a person familiar with the negotiations told me.

The $100 million could go to $135 million under certain conditions that were not specified to me. I am also told that the creditors would give Gaglardi a fee if he does not get the team. The arena, which is co-owned by Dallas Mavericks owner Mark Cuban, has $200 million of net debt and the Stars, which this person said lost at least $10 million before interest, taxes, depreciation and amortization during the 2010-11 season, have $35 of debt.

The $100 million is of course an unrealistically low valuation.

continued…

Filed in: | KK Hockey | Permalink
  Tags: joe+nieuwendyk, tom+gaglardi

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Paul Kukla founded Kukla’s Korner in 2005 and the site has since become the must-read site on the ‘net for all the latest happenings around the NHL.

From breaking news to in-depth stories around the league, KK Hockey is updated with fresh stories all day long and will bring you the latest news as quickly as possible.

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