Kukla's Korner Hockey
Entries with the tag: tom gaglardi
“I don’t think we gain anything by making dramatic changes right now. I think it’s important to measure what we’ve got, and I think we need a good period of time to do that. I don’t think there’s anything to gain from doing anything like that or discussing anything like that, and nothing has been discussed like that. Frankly, that’s not on my mind from where I sit.”
-Dallas Stars owner Tom Gaglardi today at the Stars practice. More from the owner by Mike Heika of the Dallas Morning News.
from Mark Stepneskiof ESPN Dallas,
The Dallas Stars officially have a new owner after a bankruptcy court in Delaware approved the sale of the team to Vancouver businessman Tom Gaglardi and confirmed the Stars’ prepackaged bankruptcy plan Friday.
The NHL Board of Governors have already approved the sale.
It will be the end to a tough chapter in the franchise’s history, beginning when the Hicks Sports Group ran into financial difficulties, defaulted on $525 million in loans in 2009, put the club up for sale in early 2010 and eventually saw the team run by the league and lenders.
Gaglardi is president of Northland Properties Corporation, which he and his family run. The company owns and operates hotels and restaurants in Canada and employs more than 10,000 people.
from Ed Willes of the Vancouver Province,
A little more than a decade ago — when the five Canadian NHL franchises not in Toronto were crying for public subsidies — the Dallas Stars were among the NHL’s top revenue-producing teams, consistently near the top in attendance and, with a top-five payroll, a threat to win the Stanley Cup.
In short, they were in the discussion of the league’s richest teams and — as an American mega-market in the Quasi-Sunbelt — a model franchise in Gary Bettman’s vision for the NHL.
That’s, at least, where things stood in the golden years of Stars hockey, and Vancouver-based businessman Tom Gaglardi believes he can restore the franchise’s former glory. To that, we can only say good luck, but there’s one thing you should know about Gaglardi.
He doesn’t discourage easily.
From Eric Morath at the Wall Street Journal:
Chuck Greenberg, who doggedly pursued the Texas Rangers baseball team through a bankruptcy-court auction last year, announced Monday via his attorney that he is eyeing the Stars.
A bidding war between Greenberg and Stars lead bidder Tom Gaglardi could cause the price paid for the team to soar.
Last year, when Greenberg and then-partner Nolan Ryan squared off with Dallas Mavericks owner Mark Cuban in a bankruptcy-court auction for the Rangers, the price for the baseball team jumped nearly $100 million from the opening bid. Last season’s American League champs, which Greenberg left in March, sold for $593 million.
If a similar scenario played out for the Stars, the team could fetch upwards of $300 million—an impressive price for a National Hockey League team, especially one in a southern market.
Plus, an Open Letter to Dallas Stars fans from President Tony Tavares, stating that a new owner should be in place “within the next 60-75 days.”
from David Shoalts of the Globe and Mail,
Lawyers for Vancouver businessman Tom Gaglardi will be in the U.S. Bankruptcy court in Delaware on Monday to make the next step in the sale of the Dallas Stars.
A judge will hear motions to let the NHL team continue operations and to hold a hearing to establish the bidding procedure and deadlines for the rest of the steps in the sale. Gaglardi filed a bankruptcy plan last week with the court in which he offered to pay about $265-million (all currency U.S.) in total, including a pledge to pay most of the team’s creditors.
However, that pledge does not mean the consortium of banks that holds most of the debt will get paid in full. Outgoing Stars owner Tom Hicks set off the bankruptcy and sale in 2009 when he defaulted on $525-million in loans. Someone close to the sale said the banks are going to take a haircut but are reluctantly going along with Gaglardi’s offer because it is the best one available.
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.’‘
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.
from David Shoalts of the Globe and Mail,
Tom Gaglardi has agreed to a price and most of the terms for buying the Dallas Stars – and if he can steer it through bankruptcy court with the bankers in charge of the sale, the Vancouver businessman will be the NHL team’s new owner.
It is expected Gaglardi, 43, will soon enter an exclusive negotiating period of roughly 30 days to complete the purchase of the NHL team and a 50-per-cent share of American Airlines Center. The last hurdle, according to a source familiar with the sale who requested anonymity because the deal is not official, is taking the Stars through bankruptcy court so Gaglardi will not be hampered by any debts left by current owner Tom Hicks….
NHL deputy commissioner Bill Daly declined to clarify the situation. He said in an e-mail message Monday the source’s information is “partially true and partially inaccurate. Unfortunately, I’m not in a position to specify which is which.”