Former Texas Rangers Owner May Buy Bankrupt Dallas Stars

September 20, 2011

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Chuck Greenberg, former chief executive officer and co-owner of the Texas Rangers baseball team, is considering purchasing the bankrupt Dallas Stars of the National Hockey League, a lawyer said today in court.

Greenberg is part of Texas Hockey Acquisition Co. and may participate in an auction of the Stars, owned by former billionaire Thomas Hicks, said Greenberg’s attorney, Jeffrey M. Schlerf, of Fox Rothschild LLP.

“They are definitely interested in bidding,” Schlerf said in an interview after the Stars hearing in U.S. Bankruptcy Court in Wilmington, Delaware.

The Stars filed for bankruptcy on Sept. 15 with a plan pre- approved by its lenders to sell the team at an auction with a so-called stalking horse bid from Vancouver-based businessman Tom Gaglardi.

U.S. Bankruptcy Judge Peter Walsh agreed to speed up the usual process for approving an auction. Walsh agreed to let the team return to court Sept. 22 to seek approval for the rules.

Greenberg and hall-of-fame pitcher Nolan Ryan led the group that bought the Texas Rangers at a bankruptcy auction last year for about $593 million.

Greenberg announced in March that he was stepping down as Rangers CEO and selling his stake back to the team because of differences with Ryan.