Local businessmen Doug Miller and Chuck Greenberg will not bid to purchase the Stars, meaning the door is open for Vancouver businessman Tom Gaglardi to become the new owner.
A complex group of lenders is trying to sell the Stars, and Gaglardi has made a $267 million "stalking horse" bid that is part of a prepackaged bankruptcy hearing in a Delaware court. The court proceedings are needed to help make sure there are not further lawsuits from the 40 lenders, some of whom might not be paid.
As part of the proceedings, the court allows other bidders to put in bids that would trigger an auction in November. The deadline to submit a bid is Saturday, and Miller and Greenberg had been working feverishly to get their bids in on time. However, both said Friday that they have alerted the courts and lenders that they are out of the bidding process.