DALLAS, Texas – As the deadline for bidding on the Dallas Stars from bankruptcy nears, the final two potential bidders are not submitting bids to compete with Vancouver Businessman Tom Gaglardi.
Former MLB Texas Rangers Managing partner, Chuck Greenberg could not compete a deal to sell future television broadcasts rights in exchange to fund the majority of the bid for the Stars. Local CHL Allen Americans Owner Doug Miller also pulled out of the bidding based on a projected $30-$35 Million Dollar Loss by the Stars in 2011 due to poor attendance and a lack of potential operating revenue from the Stars/Mavericks joint operating income from the American Airlines Center (AAC).
With the NBA Mavericks players locked out, the Dallas Stars profit from the AAC will be at least $10 Million Dollars less in 2011. As of Monday, 24 October, the door is wide open for both the Delaware Bankruptcy Court and NHL to welcome Gaglardi as the new Dallas Stars owner.
Bids to exceed Gaglardi’s $275 million were due by Tuesday in Delaware bankruptcy court. They must be at least $10 million dollars more than the highest bid. The court will give bidders until next Monday. Miller and Greenberg were the only others remaining who could have submitted a bid.
Monarch Alternative Capital, the lead lender who is currently operating the Dallas Stars after owner Tom Hicks $525 Million Dollar default has agreed to a pre-arranged bankruptcy with Gaglardi that should enable the sale of the Stars by Christmas. Similar to the Tom Hicks MLB Texas Rangers sale, a September 14th hearing date was given to the other four bidders approved by the NHL to exceed Gaglardi’s offer by at least $10 Million. The latest name to surface as an approved bidder is Mario Lemieux’s former attorney, Chuck Greenburg, who successfully negotiated ownership of the Penguins to the Hall of Famer. The former Managing Partner of the Texas Rangers’ ownership group includes NBA Dallas Mavericks Owner Mark Cuban.
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