Kukla's Korner Hockey
Entries with the tag: tom hicks
From Eric Morath in the Wall Street Journal:
The Dallas Stars hockey team was hemorrhaging cash in the years leading up to Thursday’s bankruptcy filing.
Over the past three years, the Stars lost $91.5 million and are projected to lose another $31 million during the season that starts next month, according to papers filed with the U.S. Bankruptcy Court in Wilmington, Del.
Those papers said the team has suffered financially since 2004, the year in which a season-long lockout of the players by the owners began.
To stem the bleeding, Stars owner Tom Hicks’s HSG Sports Group pumped $150 million into the team over the past 10 years, court papers said.
from Mike Heika of the Dallas Morning News,
While pressure builds on Tom Hicks, owner of the Texas Rangers and Dallas Stars, to sell one of his teams to satisfy his creditors, a source close to the Hicks Sports Group said Tuesday that the hockey team will not be affected.
HSG has until August 2010 to satisfy debt payments before creditors could initiate any kind of takeover, the source said, adding that the deadline is 10 months later than some creditors had initially assumed. HSG owns and manages both franchises.
“There is a plan in place, and we’re following the plan,” the source said.
from Daniel Kaplan of the Dallas Business Journal,
The more than three dozen creditors of Hicks Sports Group, the owner of the Dallas Stars and Texas Rangers that defaulted on its debt in March, sent a letter to the NHL four weeks ago asking the league how it planned to help address their concerns, according to financial sources, but there has been no response.
At the same time, HSG owner Tom Hicks has suggested that he believes he can hold onto the Stars despite the default through August 2010, which is far later than the October deadline the creditors assumed existed for resolution of debt crisis, the sources said.
A process to sell the MLB Rangers is under way, but no such activities are believed to be occurring around the Stars. The situation could shape up as a major battle between the creditors on one side and the NHL and Hicks on the other.
A shake up is coming in the Dallas Stars’ front office.
Sources tell TSN Joe Nieuwendyk will be named as the Stars’ general manager tomorrow afternoon.
The existing Dallas management tandem of Les Jackson and Brett Hull is expected to be reassigned, with Hull becoming a liaison to Stars owner Tom Hicks in addition to being named an executive vice president and alternate governor.
Dallas Stars Owner Thomas O. Hicks announced today that he has restructured the NHL club’s hockey management staff, naming Joe Nieuwendyk as the team’s new General Manager. As part of the reorganization, Co-General Managers Brett Hull and Les Jackson have been reassigned within the hockey club into positions that focus on their respective strengths. Hull will serve as Executive Vice President and Alternate Governor while Les Jackson will return to his long-time role as Director of Scouting and Player Development.
“We are very excited to secure Joe Nieuwendyk as the General Manager,” said Hicks. “These moves are all about helping this club take the proverbial ‘next step.’ Joe is a leader and has been a winner in everything he has done. He is ready for this opportunity and has a bright future as an NHL General Manager. We want that future to be with the Dallas Stars.
Update 6:17pm ET: More on events in Dallas lately from Allan Muir at SI.com.
From Mike Heika at The Dallas Morning News,
Co-general managers Les Jackson and Brett Hull say their role is limited in the playoffs and that they haven’t done anything spectacular. They actually credit former GM Doug Armstrong with doing a lot of the work to help create a team that knocked off the defending Stanley Cup champion Anaheim Ducks in six games in the first round.
Yet, just as it is with the forwards, it’s clear that the change at GM has produced positive results.
“I think there’s definitely a different feel,” said owner Tom Hicks, who fired Armstrong in November and made the highly-criticized move of naming two GMs to run the team. “I just think there was tension between the players and management, and something needed to change. You can feel a more positive attitude.”