Thanks to a few bits of blogery saying that it is possible that the Stars could relocate, the organization (and NHL President Gary Bettman) were forced to release statements, proving otherwise.
As it turns out, the team has agreements with both the City of Dallas as well as the AAC lenders, stating that they could not relocate. At least not for a very long time. According to the contractual obligations signed by the Stars, they wouldn’t be able to leave the AAC until 2023 and couldn’t depart the city of Dallas until 2031.
After that, apparently there are 10 years of 1-year “goodies” to try to avert the idea of moving once those contracts are up.
I’m not sure why anyone thought it was possible to begin with, considering how hard the league has fought to keep the Coyotes in Arizona. Dallas is the southern gem fo the league, a bit of proof that if you put a decent team together closer to the equator, the team will draw crowds. Not to mention the value is up around 225 million according to Forbes, and you can get teams like Phoenix or Florida for much less and it be slightly more likely to get the ‘ok’ from the league and the lenders.
So rest easy, fans. All is well.
Here are some of the relevant quotes:
“There was some good news for NHL commissioner Gary Bettman on Thursday – a source close to the sale of the Dallas Stars said it is expected Vancouver businessman Tom Gaglardi will have a purchase agreement with the team’s creditors within the next two weeks. The sale will then be packaged to go through U.S. bankruptcy court as quickly as possible and, if no new bids emerge, which is not expected, Gaglardi could take over by the end of the month.”
Internim President Tony Tavares
The contractual facts: The Dallas Stars have a contractual obligation (Non-Relocation Agreement) with the AAC lenders that would prevent the team from being moved until at least 2023. The Stars also have a Location Agreement with the City of Dallas that the team could not be moved until at least 2031. After that, there is a series of 10 one-year lease options that are designed to be attractive enough financially as to avert the movement of the team to a new facility during that period.