DALLAS - News 8 has learned the NHL's Dallas Stars plan to declare bankruptcy in a Delaware courtroom. Initial reports indicated the team would make the declaration as early as today, but the process has been pushed back to give lawyers more time to review documentation. A source close to the situation said the team is most likely to file on Monday, while the court proceedings would take place Tuesday.
A team source confirmed Vancouver businessman Tom Gaglardi has signed a purchase agreement for the team. A judge will allow other individuals a chance to outbid Gaglardi, however the source said Gaglardi has a 'stalking horse bid.'
That means any individual who wishes to get involved in the bidding must up Gaglardi's bid for the team by at least $10 million. The source said Gaglardi's agreement would allow him to buy the team for around $230 million from the Hick Sports Group, which defaulted on loans in 2009.
The sale of the Texas Rangers by Tom Hicks last summer was delayed in part by disagreement between Hicks' creditors. News 8's sources said no such disagreement exists in the Stars sale.
Furthermore, the sale is said to include a 50 percent stake in the American Airlines Center and is confirmed to include all Dr Pepper StarCenter properties in the area. There are StarCenters in Euless, Frisco, McKinney and Farmers Branch.
The source said if the sale goes through to Gaglardi, the process should be complete in short order. If other bidders get involved, a resolution would likely take 60-90 days.
News 8 is following this story and will update as we learn more.