It looks like Tom Hicks is about to lose his last professional sports franchise. Following his loss of Liverpool FC and the Texas Rangers, Hicks’ Dallas Stars will reportedly declare bankruptcy early next week.
The Stars shouldn’t go long without an owner, however, as the team announced an agreement Thursday night in which they would be sold to Vancouver businessman Tom Gaglardi. According to WFAA.com, sources have said the offer is for around $230 million.
Gaglardi tried to purchase an NHL franchise once before, when in 2004 he was part of a group working on a deal to buy the Vancouver Canucks. If his deal goes through, Gaglardi will also have a 50 percent stake in American Airlines Center.
Hicks’ wealth was estimated at $1 billion by Forbes in 2009, but since then the Hicks Sports Group has defaulted on loans, and he had to first sell off the Rangers and now the Stars.
“This is a significant step toward completing the transition in ownership,” said Stars President Tony Tavares in a team press release. “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.”
Dallas hasn’t done a whole lot since winning the Stanley Cup in 1999. This could be the beginning of a new era for the NHL’s only team in the Lone Star State.