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Stars, Gaglardi Inch Closer To Sale

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The Toronto Globe And Mail released a report Tuesday night that classified Vancouver businessman Tom Gaglardi's negotiations with Dallas Stars creditors as having "agreed to a price" and says that Gagliardi is now in position to guide the bankruptcy sale process. 

Brandon Worley of Defending Big D notes that the news doesn't really change the status of the sale and that there is still ground to cover.

This report backs up what Mike Heika reported last week, and it's going to be interesting to determine just which part of this report is "inaccurate." There is really no real new information in the G&M report, other than stating that Tom Gagliardi has actually agreed to terms to purchase the team -- something that was hinted at last week when he was the "leading bidder".

Two very important facts to take note of from this report, if true: This is the closest we've been to the sale actually going through since the team was put on the market well over a year ago, and just because Gagliardi has agreed to terms doesn't mean that the sale is anywhere near final. He still has, apparently, a 30 day window of exclusive negotiating to narrow down the price and terms of the sale and there's also the very real chance this thing has to go to bankruptcy court first.

Stars fans watch the process with hope that the sale will be complete before July 1 so that the team can be in position to retain star center Brad Richards. The Globe And Mail report suggests that there is hope, particularly if Gaglardi does get the team in time.

Gaglardi, who in 2008 lost a court fight with Francesco Aquilini for control of the Vancouver Canucks, also owns the Kamloops Blazers of the WHL in partnership with NHL players Shane Doan, Jarome Iginla and Mark Recchi.

If Gaglardi completes the sale, the top prize in this summer's NHL free-agent market could be taken off the market. Brad Richards said last month the team's uncertain ownership situation probably meant he would look at the open market when his contract expires June 30. But the centre also said his preference is to remain in Dallas.

Photographs by jamesbrandon, jdtornow, phlezk, flygraphix, mcdlttx, tomasland, and literalbarrage used in background montage under Creative Commons. Thank you.