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Report: Hicks close to selling Stars for more than $275 million

TSN.ca Staff

8/18/2010 2:45:38 PM

Forbes is reporting that owner Tom Hicks is close to selling the Dallas stars and his 50 percent interest in the Stars home arena, the American Airlines Centre for nearly $300 million.

Hicks, who recently sold his interest in Major League Baseball's Texas Rangers also owns half of English Premier League giants Liverpool, bought the Stars for $84 million in 1996. 

Forbes infers that the sale means that creditors of the Hicks Sports Group wil recoup at least a portion of the $200 million that they are owed in addition to what they earned from the recent sale of the Rangers. 

Forbes also suggests that the sale bodes well for the sale of other NHL franchises in southern, non-traditional American markets such as Atlanta, Nashville and most notably the Phoenix Coyotes whose struggles with ownership have dragged out over two years.

Forbes did not state who the potential purchaser was but there has been plenty  of speculation as to the identity of the buyer including reportedly Dallas Mavericks' owner Mark Cuban who previously inquired into the purchase of the Pittsburgh Penguins.

Last month reports emerged that Alberta oil tycoon Bill Gallacher agreed in principle to buy the Stars for $225 million, however that report was refuted by a source of the Dallas News, saying the price tag was "far too low." 

Gallagher may well still be in the mix as he is an avid hockey fan and the owner of the Portland Winter Hawks of the WHL.

ESPNDallas.com is also reporting that Vancouver businessman Tom Gaglardi is also in the mix. 

Earlier this month Hicks told the Dallas Morning News that he hoped to complete the sale of the team prior to the Stars season opener on October 8th against the New Jersey Devils.