* Vancouver businessman Tom Gaglardi to buy hockey team
* No other bidders surfaced
* Stars had been owned by Tom Hicks group
By Jonathan Stempel and Tom Hals
Nov 18 The Dallas Stars hockey team won court
approval of its bankruptcy reorganization, clearing the way for
the team to be sold for $265 million to Vancouver businessman
U.S. Bankruptcy Judge Peter Walsh approved the plan at a
hearing on Friday, court records show.
No bidders offered to compete with Gaglardi for the team at
a court-supervised auction. The National Hockey League has
approved the sale. The team had filed for Chapter 11 protection
from creditors on Sept. 15.
Gaglardi, 43, is president of Northland Properties Corp.
The family business has properties that include Sandman Hotels,
Inns & Suites; and more than 100 restaurants including Denny's
and Moxie's. It also owns the Kamloops Blazers junior hockey
team in British Columbia.
A formal announcement that Gaglardi has taken ownership
will be made on Monday, said Jim Rossiter, a partner at Baker &
McKenzie which represents him.
"Tom is the real deal," Rossiter said in an interview. "You
have an owner who is engaged (and) loves the game, and he is in
the hospitality business. He has roots in Texas, and he will
not move the team. Dallas is a wonderful market and Tom is the
Hicks Sports Group, led by private equity executive Tom
Hicks, had owned the Stars, but lost control to his lenders
after defaulting on $525 million of debt in 2009.
The default also led to the 2010 bankruptcy and sale of
Hicks' other major sports holding, the Texas Rangers baseball
Among other sports teams to enter bankruptcy in the last
several years were the Chicago Cubs and Los Angeles Dodgers
baseball teams, as well as the Phoenix Coyotes hockey team.
Lawyers for the Stars were not immediately available for
The case is In re: Dallas Stars LP, U.S. Bankruptcy Court,
District of Delaware, No. 11-12935.