Sale of Stars to Gaglardi takes a step forward Staff

10/24/2011 4:05:44 PM

The bidding deadline for potential buyers of the Dallas Stars franchise has come and gone, clearing the way for Vancouver businessman Tom Gaglardi to complete his purchase.

Gaglardi was the only person to submit a bid to buy the team and remains in line to become the Stars' new owner.

The league will now review the bid with the executive committee and then with the board to determine whether it will be approved. Assuming it is, it will go back to court as an "approved bid" and the court will use its own approval process and timetable.

NHL Deputy Commissioner Bill Daly suggested it will still take some time for any sale to be finalized; the league hoping the process can be finalized by the end of November.

"Now that the bidding deadline has been reached, we will continue our due diligence process and will proceed with the Board's ownership transaction review process," Daly said on Monday. "We also will work with the courts in the continued hope of bringing this matter to a successful and expeditious resolution."

Gaglardi, who holds majority ownership of the Western Hockey League's Kamloops Blazers, has a personal connection with Texas. His mother is from Longview and he has family in the Dallas-Fort Worth area.