Tom Gaglardi will know by Nov. 23 if he will be the new owner of the Dallas Stars.
The U.S. Bankruptcy Court in Wilmington, Del., approved the bidding procedure put forward by Gaglardi, the Stars, the NHL and the consortium of banks that hold current owner Tom Hicks's debt on the team. On Nov. 23, the court will hold a confirmation and sale hearing and if no other bids are made, Gaglardi will own the team.
Gaglardi, a Vancouver businessman whose holdings include the Sandman Inn chain of hotels, offered to buy the Stars for $267-million (all currency U.S.) in cash and the assumption of some of the team's debt.
Chuck Greenberg, who was part of the group that bought Hicks's baseball team, the Texas Rangers, out of bankruptcy, has said he is interested in bidding. But he has yet to present one to the court. Greenberg left the Rangers after a falling out with Nolan Ryan, his main partner.