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Stars, Gaglardi May Not Manage Ownership Transfer Until Late June

If the Stars hope to retain star center Brad Richards, a new report suggests that the timing of the team’s sale could make things tricky. Mike Heika says that prospective owner Tom Gaglardi is not expected to assume control of the team until late June.

While Vancouver businessman Tom Gaglardi is in an exclusive negotiating window and could have a signed purchase agreement with an offer that exceeds $250 million within two weeks, the process of an organized bankruptcy hearing would force a window of 30-60 days to allow other bidders to try to exceed Gaglardi’s offer, the sources said.

That means while an official hearing might last only three days, Gaglardi would not be able to become the owner and authorize moves until late June. That window also goes for anyone who might try to outbid Gaglardi before the team goes to a prepackaged bankruptcy hearing or during the hearing, the sources said.

The bankruptcy hearing will probably take place in Tarrant County. At that time, a judge will determine if the window in which other bids can be offered will be 30 or 60 days. If it is 30 days, the new owner could take control before NHL free agency begins July 1.

Free agency in the NFL begins on July 1. The Stars would need a deal before then to have exclusive negotiating rights with Richards.

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