As reported earlier this week the sale of the Texas Stars from Hicks Cedar Park LLC to Northland Properties, the parent holding company of the Dallas Stars, has been finalized.
Dallas confirmed the sale in a press release Wednesday and will hold a press conference at 10:15 a.m. Thursday at the Cedar Park Center.
“My goal since taking over as owner of the Dallas Stars has been to create a culture that empowers people at all levels of our organization to strive for excellence,” said Northland President and Dallas Stars Owner Tom Gaglardi said in the release. “Part of creating and instilling that culture means that you have to have direct leadership over all aspects of the formative and developmental levels of your team. The acquisition of the Texas Stars is a crucial part of that leadership and development chain, and reaffirms our vision of becoming an elite organization, both at the NHL and AHL levels.”
Texas is now the 14th AHL team to be owned by its AHL affiliate.
Hicks Cedar Park LLC is an offshoot of the Hicks Sports Group, and the deal would also include operation of the Cedar Park Center, which is owned by the City of Cedar Park.
“The fact we are re-uniting and intertwining and is a natural progression of things; we’ve always wanted to do it,” Dallas Stars president and CEO Jim Lites said back in August when the intention to purchase was announced.
In addition to the acquisition of the Texas Stars, Northland Properties Corporation also announced the formation of Texas Stars L.P., who will operate the city-owned Cedar Park Center under the long-term lease, running through 2034.
Lites also said the two sides started talking late during the 2013-14 season after McLaughlin informed Northland Properties that Hicks Cedar Park LLC was interested in transitioning out of ownership.
Organizationally there won’t be much change for Texas’ hockey operations. Texas general manager Scott White is also the director of hockey operations for Dallas, while the coaching staff, players, and equipment managers were already employees of the Dallas Stars.