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Bankruptcy court approves sale of Stars to Gaglardi

TSN.ca Staff

11/18/2011 2:08:40 PM

Vancouver businessman Tom Gaglardi is the new owner of the Dallas Stars after a bankruptcy court approved the sale of the team on Friday.

The team was being run by the league since former owner Tom Hicks defaulted on over $500 million in loans and then put the team up for sale last year. The NHL Board of Governors previously had approved the sale.

Gaglardi is the president of Northland Properties Corporation, a company that owns and operates hotels and restaurants in Canada. He is also one of a group of owners with the Western Hockey League's Kamloops Blazers.

According to court documents, the Stars lost almost $38 million in the last year and are expected to lose another $31 million this year.

Files from ESPNDallas.com were used in this report.