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Dallas Stars Announce Plan To Complete Sale To New Ownership

Sale Expected to be Finalized Within 60-75 Days

Thursday, 09.15.2011 / 5:30 PM CT / News
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Dallas Stars Announce Plan To Complete Sale To New Ownership


Frisco, Texas, September 15,2011 —The current owner of the Dallas Stars National Hockey League Club, Dallas Stars, L.P., announced today that it and certain of its affiliates have signed an agreement to sell the Stars and all hockey-related assets to entities owned by Vancouver businessman Tom Gaglardi and his family, subject to a court approved auction and NHL approval. 

To facilitate the sale, Dallas Stars, L.P. has commenced a voluntary chapter 11 bankruptcy case in the United States Bankruptcy Court for the District of Delaware in Wilmington, including the filing of a “prepackaged” chapter 11 plan.  The chapter 11 process has the support of the National Hockey League and the Dallas Stars’ lenders, who voted to accept the prepackaged plan prior to filing.  The prepackaged plan provides for a court-supervised auction of the Dallas Stars Club and other hockey-related assets.  The purpose of the sale is to allow for a smooth transition in ownership, while ensuring that the Dallas Stars continue to play at the American Airlines Center in Dallas.  The Plan provides that the Dallas Stars will pay and perform all of its obligations to its fans, players, employees, and vendors.

The Dallas Stars Club is unequivocally committed to remaining in Dallas and playing its home games at the American Airlines Center.  To that end, no bid submitted will be considered that contemplates moving the team from the American Airlines Center in Dallas.

The auction process and sale are subject to Bankruptcy Court and National Hockey League Board of Governors approvals.

The prepackaged plan is the result of negotiations involving input from the National Hockey League and certain of the Club’s senior secured lenders.  Because the plan has already garnered substantial support from the Club’s lenders, the Club expects to move through the legal process expeditiously and has requested that the Court hold a hearing in 60-75 days to confirm the plan and proposed sale, allowing the Stars to exit bankruptcy and complete the sale of the franchise by the end of November.

“This is a significant step toward completing the transition in ownership,” said Stars President Tony Tavares.  “We are pleased that our lenders have shown substantial support for the plan and the sale process, but the Dallas Stars are focused on one thing:  hockey.  The players and coaches begin Training Camp on Friday and we are all excited to start the new season.”

The Dallas Stars believe that the legal process will not have an impact on Dallas Stars hockey or its business operations—it is business as usual for the Dallas Stars.  The Club has obtained permission from its lenders to use its available cash on hand to fund operations while in chapter 11, and believes this amount is sufficient for such purposes until the sale is finalized.

The Club filed customary motions seeking to ensure that:
  • The Stars will be able to operate within their existing budget to sign and acquire amateur, international and professional players;
  • Purchased tickets will continue to be honored;
  • The fan experience at the American Airlines Center will be unchanged, with all current amenities and promotions continuing as usual;
  • All salaries will be timely paid; and
  • Stars vendors and suppliers will be fully paid in the ordinary course of business.

The Dallas Stars expect to present all of the customary motions for approval by the Bankruptcy Court at a hearing to be held in Wilmington Monday.




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WESTERN CONFERENCE
  TEAM GP W L OT GF GA PTS
1 CHI 58 36 18 4 160 134 76
2 DAL 55 35 15 5 178 147 75
3 STL 56 30 17 9 133 130 69
4 LAK 53 32 18 3 146 124 67
5 SJS 53 28 20 5 154 143 61
6 ANA 53 26 19 8 120 125 60
7 COL 57 28 25 4 153 158 60
8 NSH 54 25 21 8 139 144 58
9 MIN 54 23 21 10 133 134 56
10 VAN 54 22 20 12 125 144 56
11 ARI 53 24 23 6 139 163 54
12 CGY 53 25 25 3 143 156 53
13 WPG 54 24 27 3 139 157 51
14 EDM 56 22 29 5 138 168 49

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2015-2016 REGULAR SEASON
SKATERS: GP G A +/- Pts
J. Benn 55 28 34 16 62
T. Seguin 55 28 32 11 60
J. Klingberg 55 10 36 14 46
J. Spezza 52 18 22 5 40
P. Sharp 55 16 24 -2 40
A. Goligoski 55 4 20 16 24
C. Eakin 55 10 13 0 23
M. Janmark 55 10 10 14 20
J. Demers 48 7 12 16 19
V. Nichushkin 52 6 13 7 19
 
GOALIES: W L OT Sv% GAA
A. Niemi 20 10 5 .908 2.52
K. Lehtonen 15 5 0 .912 2.79
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