Hicks confirms he’s exploring sale of the Stars
/Andrew's Dallas Stars Page
Rumor and reports turned into reality Thursday. Dallas Stars owner Tom Hicks confirmed that he is exploring the possible sale of the team.
Hicks Sports Group said the Stars had retained the services of Galatioto Sports Partners to look for new investors or explore the idea of selling a majority stake in the Stars.
"While a sale is not a certainty it is a possibility, and Mr. Hicks has received numerous inquiries about the team." Stars president Jeff Cogen said in a release. "Those potential investors recognize that the Stars are a success story. We have the third best record in the NHL since 1996. If you look at the team, it has been built in the right way -- building from within. It's a role model, especially for the Sunbelt teams."
Reports this week indicated Hicks, who bought the team for $84 million in 1995, could be asking for more than $300 for the Stars. Forbes valued the team at $246 million late last year, ranking it as the 8th most valuable franchise in the league.
Just last month, Hicks reached an agreement to sell the Texas Rangers to a group led by Pittsburgh attorney Chuck Greenberg. There are also reports out of Europe that he could be looking to sell part of his 50 percent share in Liverpool Football Club.
Jeff Cogen statement to fans
Stars president Jeff Cogen put out a statement to Stars fans Thursday night. Here's an excerpt:
Joe Nieuwendyk and I want you to know that the Stars players, coaches and managers are totally focused on our goal to make the playoffs and compete for the 2010 Stanley Cup. Ownership has instructed us to do whatever is necessary to help make that happen. That’s exactly what we are doing.
We do not know the outcome of today’s announcement, but there are a few things we do know. The Dallas Stars franchise is one of the NHL’s marquis clubs, and you are one of the primary reasons for that. Your commitment and strength have helped us achieve the third best record in the NHL since 1996. We play in a great hockey building, American Airlines Center, and we truly believe that this club has been built, and is being built, in the right way.
Please know that although there may be some uncertainty as HSG’s business issues are debated, there is no ambiguity about our team’s pride and resolve to deliver excellent hockey in the coming weeks. We will keep you informed. Thank you for your continued support.
Release from Hicks Sports Group
Here's Thursday's release from Hicks Sports Group on the Dallas Stars:
Hicks Sports Group today confirmed that Galatioto Sports Partners ("GSP") has been retained to examine and advise the Dallas Stars on the possibility of securing new investors or selling a majority stake in the Dallas Stars. Last month, HSG announced it had reached a definitive agreement to sell its major league baseball club, the Texas Rangers. Officials said the Stars are in a "position of strength" because of the team's long-term success.
"While a sale is not a certainty," said Jeff Cogen, president of the Dallas Stars, "it is a possibility, and Mr. Hicks has received numerous inquiries about the team. Those potential investors recognize that the Stars are a success story. We have the third best record in the NHL since 1996. If you look at the team, it has been built in the right way---building from within. It's a role model, especially for the Sunbelt teams."
The team's general manager, Joe Nieuwendyk, echoed Cogen's statement.
"I am not surprised there is interest in this franchise," said Nieuwendyk. "I believe it is positioned for greatness for many years because of the youth in our system, our tradition of winning, and we have an established and enthusiastic fan base."
