Dallas Stars: Gaglardi's Stalking Horse Bid: $265 MM for Stars, AAC (50%)

[iggyfan98]

Another team to relocate

 

[Free Edler]

Another team to relocate

Nope. This mess was caused by Hicks' personal financial difficulties more than anything else.

 

[vofty]

Another team to relocate

http://starsblog.dallasnews.com/archives/2011/05/just-so-you-know-stars-are-not-moving.html
In 2031 maybe, but you seem to be getting a bit ahead of yourself IMHO

The contractual facts: The Dallas Stars have a contractual obligation (Non-Relocation Agreement) with the AAC lenders that would prevent the team from being moved until at least 2023. The Stars also have a Location Agreement with the City of Dallas that the team could not be moved until at least 2031. After that, there is a series of 10 one-year lease options that are designed to be attractive enough financially as to avert the movement of the team to a new facility during that period.

 

[LadyStanley]

http://sportsblogs.star-telegram.co...n-ownership-situation-and-moving-forward.html

...nobody I have talked to has any definitive updates on Tom Gaglardi's bid and the sale process and why it is taking so long (which I think you can surmise is not a good thing)....

 

[Big McLargehuge]

Cuban is obviously a very passionate basketball owner, but he really has no passion about hockey nor is he really interested in running the Stars. He has expressed a desire to possibly be a minority owner for the sole purpose of giving him a majority ownership of the AAC.

That and I think Cuban is (far) more desiring of owning a baseball club than anything else.


What I'd give for him to pry the Pirates from Nutting's hands...

 

[ps241]

my thoughts are that Mr. Gaglardi is taking a page out of TNSE's book and working quietly behind the scenes on getting this deal done.

if i were the stars fans i would not panic about the deal getting done or the team getting relocated

 

[leoleo3535]

Gaglardi has been a busy boy.

http://www.theglobeandmail.com/repo...s-points-to-reviving-industry/article2068222/

 

[knorthern knight]

Gaglardi has been a busy boy.

Is he one of the sons of "flying Phil"?

 

[ps241]

Is he one of the sons of "flying Phil"?

Grandson.....his dad Bob was Phil's boy

 

[ps241]

Gaglardi has been a busy boy.

http://www.theglobeandmail.com/repo...s-points-to-reviving-industry/article2068222/

Both 5 Dimond properties and a steal of a deal for the Edmonton asset. if you roll in the prime locations with the savings on operating costs from synergies with their existing hotel company this is a great acquisition IMHO

 

[leoleo3535]

Both 5 Dimond properties and a steal of a deal for the Edmonton asset. if you roll in the prime locations with the savings on operating costs from synergies with their existing hotel company this is a great acquisition IMHO

I have never stayed at the EDM one but do stay at the Vancouver one alot....twice in the last couple of weeks. It is a great hotel.

 

[Jazz]

im new to this discussion, but is there any reason that cuban hasn't expressed interest? or has he?

Cuban is obviously a very passionate basketball owner, but he really has no passion about hockey nor is he really interested in running the Stars. He has expressed a desire to possibly be a minority owner for the sole purpose of giving him a majority ownership of the AAC.

Cuban, growing up in Pittsburgh, has been exposed to hockey in the past, and was even interested in purchasing (with a group that included Dan Marino) the Pittsburgh Penguins in 2006.

I don't think he is that interested in the Stars simply because they would compete with the Mavs for attention since the play during the same months (well, it's one-way in favor of the Mavs currently), but was willing to help with his hometown Penguins...

 

[vofty]

Cuban, growing up in Pittsburgh, has been exposed to hockey in the past, and was even interested in purchasing (with a group that included Dan Marino) the Pittsburgh Penguins in 2006.

I don't think he is that interested in the Stars simply because they would compete with the Mavs for attention since the play during the same months (well, it's one-way in favor of the Mavs currently), but was willing to help with his hometown Penguins...

Obviously I didn't follow his interest in the Penguins like I've followed his interest in the Stars, would Cuban have been a majority owner of the Pens? I do know, however, that Cuban has made some blanket statements and I think there is little room for doubt that any other team he acquired would certainly be second fiddle to his beloved Mavericks, which is not something any fan of that team wants to hear. Yes these are a couple of statements he has made in regards to the Stars sale but the fact that he states "I'm not a hockey guy" really applies to the sport and not just the team.
http://sports.espn.go.com/dallas/nhl/news/story?id=4903811

"I'm not looking to outright buy the team," Cuban said. "I have talked to somebody who is interested in buying the team and I told them I would try to help them get a deal done. From my end, I like hockey, I'm a fan, but I'm not a hockey guy. l'm not going to lie and pretend I can come in and bring the energy that I try to bring to the Mavs.

"But because they are a partner in the American Airlines Center, they are going to be a business partner no matter what. If I can help facilitate the right deal and a deal that is going to help the AAC, or help get what I think is a good deal done, I will."

 

[5lidyzer19]

Are things so bad in the states that assuming debt is now as good as cash? Crazy.

This is a pretty standard type of business transaction. I don't think it gives any indication of how bad things are in the U.S.

The IRS looks at it the same way. If I had $50,000 in debt that gets wiped clean in bankruptcy, that's $50,000 in income to me. From what ever source derived.

 

[Confucius]

This is a pretty standard type of business transaction. I don't think it gives any indication of how bad things are in the U.S.

The IRS looks at it the same way. If I had $50,000 in debt that gets wiped clean in bankruptcy, that's $50,000 in income to me. From what ever source derived.

Wow, so you have to pay tax on 50 grand? Never knew that.

 

[LadyStanley]

http://www.defendingbigd.com/2011/7...ossibly-interested-in-purchasing-dallas-stars

Rumor from ESPN Dallas that former MLB Texas Rangers owner Chuck Greenberg is "kicking the tires" and might be interested in purchasing the Dallas Stars.

 

[Dado]

Rumor from ESPN Dallas that former MLB Texas Rangers owner Chuck Greenberg is "kicking the tires" and might be interested in purchasing the Dallas Stars.

I thought this was all supposed to be nicely packaged up for the G-Man, what with bankruptcy court involved and all....?

 

[Brewsky]

Damn, Gaglardi will be gagging on a lot of debt.

 

[LadyStanley]

http://starsblog.dallasnews.com/archives/2011/07/chuck-greenberg-has-been-approved-to-jum.html

Chuck Greenberg approved as potential buyer.

While Vancouver businessman Tom Gaglardi is in an exclusive negotiating window and hopes to put in a signed purchase agreement soon, the process still will allow for anyone else to bid above Gaglardi's price.

In addition to a judge probably opening an auction in a pre-packaged bankruptcy hearing, there is a chance the NHL and the lenders show Gaglardi's offer to other potential buyers before they even go to bankruptcy. That way, they could hold an auction before the auction and possibly make the pre-packaged bankruptcy go smoother and more quickly.

It is believed that other groups who have been approved to look at the books _ a group that includes local businessman Billy Quinn teaming with Mavericks owner Mark Cuban, a group led by Allen Americans owner Doug Miller and a group led by Detroit businessman Christopher T. Charlton _ could also put forth a bid that would be above that of Gaglardi's.

There also is the chance Gaglardi decides to not make a bid, and the auction process would open again.

 

[Ringmaster]

Tom Gaglardi? i heard that name before


didn't Brian Burke say he should have been the new owner of the Vancouver Canucks?

 

[LadyStanley]

http://sports.yahoo.com/nhl/blog/pu...w-Mike-Modano-sounds-like-reti?urn=nhl-wp9885

Mike Modano on radio Thursday (sounding like retirement is very possible, but not ready to announce yet) comments on the state of the Dallas Stars:

The conversation went forward into Modano's future after hockey and he said he wanted to stay in the game in some capacity, but not in a coaching, management or personnel role. So "Ambassador of Fun" like Brett Hull was? "No," said Modano.
The topic of getting into ownership was brought up and Modano did say he's had some talks with a group that's looking at the Stars and even gave his personal critique of the franchise at the moment.
"It's a mess here. The lenders ... You've got a team that's way overvalued and they don't know anything about hockey and they don't know how it's going to unfold."
"There's a lot of stuff to fix once you kind of pull back the layers on it."
The sale of the Stars is still ongoing and numerous parties have been kicking the tires recently, but once a new group is in charge there needs to be a Chicago Blackhawks-like renaissance as Modano brought up.
"There's a lot of wounds that probably need to be healed with a lot of corporations, a lot of sponsors, a lot of season-ticket holder people, and that will take time."

 

[Dado]

Is it my imagination, or is this sales process proceeding at a snail's pace?

 

[Kritter471]

The (Texas) Rangers sale took forever too. On the bright side, there are multiple interested parties.

There was movement today though. Gagliardi, who is the current leader in the clubhouse of the ownership race, sent his paperwork to the NHL. From the DMN:

Because so many people have become entangled in the process, the details of the offer that Gaglardi has put forward must now go through lawyers for other lenders, as well as through lawyers for the NHL.

With more than 40 lenders who have a legal rights to the Stars, one of the key contentions of the sale will be who gets paid what. While there has been jockeying for position about who gets paid what percentage, there also has been a lot of talk about who gets paid first. The sale price is not expected to cover the debt, so some lenders will not get paid back.

``In a traditional sale, you have a seller who is trying to negotiate with a buyer, and you have traditional sale practices. But this isn’t a traditional sale,’’ said one source. `` You have a group of sellers who have different opinions, and that really means you don’t have a seller, per se. Into that vacuum has stepped a lot of lawyers, and that has made the process very complicated.’’

...his offer should form the ``stalking horse’’ bid that will be taken into a pre-packaged bankruptcy hearing _ possibly as early as August.

The stalking horse bid is important, because if a signed purchase agreement is presented in court, the team will eventually be sold. Either, Gaglardi would get the team at the price named, or another bidder could come in and bid over the Gaglardi bid. If another group bids more than Gaglardi, he has the option to bid up the auction or walk away and receive a break-up fee.

http://www.dallasnews.com/sports/da...thers-including-mark-cuban-can-still-bid.ece?

 

[piqued]

Is it my imagination, or is this sales process proceeding at a snail's pace?

What, 2 years to get a purchase agreement isn't fast enough for you?

 

[Big McLargehuge]

Obviously I didn't follow his interest in the Penguins like I've followed his interest in the Stars, would Cuban have been a majority owner of the Pens? I do know, however, that Cuban has made some blanket statements and I think there is little room for doubt that any other team he acquired would certainly be second fiddle to his beloved Mavericks, which is not something any fan of that team wants to hear. Yes these are a couple of statements he has made in regards to the Stars sale but the fact that he states "I'm not a hockey guy" really applies to the sport and not just the team.
http://sports.espn.go.com/dallas/nhl/news/story?id=4903811

Building on this old post...yeah, Cuban isn't a hockey guy.

The guy has tried to buy the Pirates on multiple occasions (always met with 'the team is not for sale' and huge public outcry), but only stepped into the Penguins role because of him being a Pittsburgher. He really had no interest in running a hockey team and would have only played the role of financier, one who likely would have bailed at the first sign of financial stability (or stayed along long enough to make his money back and then bailed).


Cuban has always been a baseball guy. He turned into a basketball guy because that's what he was able to buy...but the guy would give his left nut to own a baseball team (well, one of three baseball teams that is...Chicago wants nothing to do with him, the Pirates owners make too much money not doing anything to sell, and he got outbid with the Rangers). If Cuban has any ownership of a hockey team it is merely a temporary deal in order to keep the franchise afloat. Considering there are multiple interested parties in Dallas I highly doubt he becomes a legitimate option.