4
| Sports |

The Hockey News Reports Tom Hicks Has Hired Investment Advisor to Sell Dallas Stars

^
Keep Dallas Observer Free
I Support
  • Local
  • Community
  • Journalism
  • logo

Support the independent voice of Dallas and help keep the future of Dallas Observer free.

Tom Hicks has twice denied reports that he's selling the Dallas Stars -- in May of last year, when he first acknowledged that he was considering putting the Texas Rangers on the market, then again in October, when a report surfaced in the Globe and Main that lenders wanted him to offload the hockey team after the Rangers deal was done. Said Hicks in the fall, "The Rangers process, however that comes out, will take care of [Hicks Sports Group]'s needs. The Stars are not part of that. They are not for sale."

The Hockey News begs to differ:

Despite selling the Texas Rangers for more than $500 million recently, Stars owner Tom Hicks' financial troubles have not subsided and the CIT Group, to whom Hicks has defaulted on loans, is forcing Hicks to sell the NHL team.

To that end, the Stars have hired an investment advisor to put the team on the market. The starting asking price is believed to be more than $300 million.

Early this morning I asked Lisa LeMaster, Hicks's spokesperson, to comment on the report. I will update when she responds.

Update at 1:06 p.m.: Still no word from the Hicks camp, but Richard Durrett at ESPNDallas spoke with Stars president Jeff Cogen, who ...

... said Thursday the club has had "seasonal cash flow needs," but he doesn't know if Hicks Sports Group has hired an investment adviser to put the club on the market ... Cogen confirmed that the Stars have had struggles since they were separated financially from the Texas Rangers.

Update at 1:34 p.m.: As you'll see in the HSG statement above, yes, Hicks is looking for investors or someone interested in buying a majority share of the team.

Keep the Dallas Observer Free... Since we started the Dallas Observer, it has been defined as the free, independent voice of Dallas, and we would like to keep it that way. Offering our readers free access to incisive coverage of local news, food and culture. Producing stories on everything from political scandals to the hottest new bands, with gutsy reporting, stylish writing, and staffers who've won everything from the Society of Professional Journalists' Sigma Delta Chi feature-writing award to the Casey Medal for Meritorious Journalism. But with local journalism's existence under siege and advertising revenue setbacks having a larger impact, it is important now more than ever for us to rally support behind funding our local journalism. You can help by participating in our "I Support" membership program, allowing us to keep covering Dallas with no paywalls.

We use cookies to collect and analyze information on site performance and usage, and to enhance and customize content and advertisements. By clicking 'X' or continuing to use the site, you agree to allow cookies to be placed. To find out more, visit our cookies policy and our privacy policy.

 

Join the Observer community and help support independent local journalism in Dallas.

 

Join the Observer community and help support independent local journalism in Dallas.