|Jim Lites (Credit: Michael Connell/Texas Stars)|
The Dallas Stars owner, Northland Properties, has completed the purchase of the Texas Stars. The deal was already approved by the AHL's Board of Governors. Operation of the Cedar Park Center was also transferred to the newly created Texas Stars, L.P., a Northland Properties subsidiary.
"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. "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."
Earlier this week, it was reported that the Cedar Park city council had approved the deal to transfer ownership of the Cedar Park Center management piece. The deal reportedly adds 10 years to the Stars' lease of the Cedar Park Center, bringing the current lease to 20 years (or through 2034). The same report also indicated the agreement also "outlines a 50/50 cost share between the city and Northland to construct a marquee between the Cedar Park Center and Toll 183A just east of the center."
For the on-ice team, there will be no changes. Coaches, staff and Dallas contracted players are all employees of the Dallas Stars. AHL contracted players will probably have a change on who's signing their paycheck, but otherwise there will be no changes.
There will be a press conference for the announcement at the Cedar Park Center Thursday morning.