Dallas Stars owner Tom Hicks plans to file bankruptcy paves way for new ownership -NHL News Update
It has been quite a while now since the media learned about the financial crisis affecting the National Hockey League’s (NHL), Dallas Stars franchise, but nobody could think at that moment back in time that it would eventually lead into club owner, Tom Hicks,
filing for bankruptcy.
According to latest reports, Tom Hicks has received the approval from a majority of the teams’ stakeholders and creditors to file for bankruptcy in a Delaware court, which could be as soon as Thursday, September 15.
After the teams’ creditors vote in favour of bankruptcy officially, the result will eventually lead to the franchise being auctioned off to a new ownership and as suspected earlier, it would pave way especially for Canadian investor, Tom Gaglardi.
Gaglardi, who is the chairman and chief executive officer of Sandman Hotels, Inns and Suites, is believed to have been after the chance to grab Dallas Stars and has now finally found a quick way to do so. In order to take over the ownership, Gaglardi would
be required to submit the highest bid, higher than any rival bidder at the auction.
Filing for bankruptcy would make Dallas Stars the fifth team in the world of professional sports to have done so during the span of two-years. Only one hockey team, Phoenix Coyotes filed for suite in 2009 and the remaining were baseball franchises, Los Angeles
Dodgers, Texas Rangers and Chicago Cubs.
Learning from earlier situations, the teams were eventually sold to new ownerships, excluding Phoenix Coyotes who are currently under the NHL and are still looking to strike a deal with an investor group.
NHL commissioner, Gary Bettman, is has had his hands full with Phoenix earlier and it looks like he will not be able to take a sigh of relief anytime soon. Not only are Dallas Stars heading for bankruptcy, New Jersey Devils are also believed to be taking
the same path, but not yet.
At least for Dallas Stars, they have Vancouver businessman, Tom Gaglardi, who is highly anticipating the day when he will finally become an owner of an NHL franchise.
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