NEW YORK CITY, - Tom Gaglardi, the Vancouver businessman who once wanted to purchase the NHL Canucks, is the new owner of the Dallas Stars.
The NHL board of governors announced Friday the sale has been completed. That came after a U.S. Bankruptcy Court in Delaware approved the deal.
A spokesman for Gaglardi said he won't comment on the sale. It's estimated he bid US$265 million for the Stars. Heading into Friday night, Dallas had a record of 11-6-0.
Gaglardi is president of Northland Properties Corp., which owns and operates businesses like Sandman Hotels, Denny's Restaurants and Moxie's Restaurants.
He also leads the ownership group of the Kamloops Blazers of the Western Hockey League.
Gaglardi's mother is from Longview, Texas.
According to court documents the Stars lost US$37.9 million last year and US$91.5 million the last three seasons. Projected losses for this year are over US$30 million.
In November of 2003 Gaglardi was part of a group along with Ryan Beedie and Francesco Aquilini that were interested in purchasing the Canucks.
Aquilini left the group and eventually purchased the franchise in 2004. That resulted in Gaglardi and Beedie filing a lawsuit against Aquilini, saying he had gone behind their back.
The courts ruled in Aquilini's favour.