Tom Hicks is selling the Dallas Stars. The process has narrowed to two Canadian businessmen, neither of whom has been named publicly. The sale would end Hicks's ownership of the franchise, which began in 1996 when he paid $84 million for majority control.
The shortlist emerged after months of quiet vetting. Hicks Sports Group, which also once held the Texas Rangers and Liverpool FC, has been shedding assets since a 2010 bankruptcy filing by Hicks's parent company. The Stars sale began informally in late 2022, accelerated through 2023, and is now in exclusive talks with the final two parties. Neither bidder operates a North American sports franchise today. Both are understood to have NHL connections through arena sponsorships or minor-league investments, the kind of résumé the league's Board of Governors prefers during approval votes.
The structure matters more than the nationality. If either buyer takes majority control, the franchise stays in Dallas under the current arena lease, which runs through 2031 at American Airlines Center. The Stars share that building with the NBA's Mavericks, owned by Mark Cuban, who has approval rights on certain capital decisions. Cuban's desk has been copied on term sheets. The broadcast picture is messier. The Stars' regional sports network, Bally Sports Southwest, is in bankruptcy. The new owner inherits a media-rights situation with no clear resolution before the 2024-25 season. That uncertainty is baked into the bid price, which sources familiar with the process say is tracking between $575 million and $650 million, depending on assumption of certain liabilities.
Canadian ownership of a U.S. sunbelt franchise is not unusual—it's structural arbitrage. The buyer gets USD revenue, CAD operating cost wherever possible, and a franchise valued below the league's northern-market comps. The Toronto Maple Leafs, for reference, were last valued by *Forbes* at $2 billion. The Stars, at $600 million, sit in the middle of the NHL's 32-team valuation table. The Dallas metro area has 7.6 million people and no state income tax, which makes player recruitment straightforward. The franchise has missed the playoffs four of the last five seasons, so the on-ice upside is considered wide. The new owner will also inherit general manager Jim Nill, whose contract runs through 2025, and head coach Pete DeBoer, signed through 2026. Both are expected to stay.
What to watch: NHL Board of Governors approval, which requires a three-quarters vote and typically takes 60 to 90 days after a purchase agreement is signed. The league has not blocked a sale since 2009. Expect the winning bidder's name to leak within two weeks of exclusive talks closing, likely through Toronto or Montreal media with better Canadian Rolodexes. Also watch for any partnership announcements with Dallas-based sponsors—AT&T, American Airlines, Toyota—who will want early meetings to reset activation deals that were negotiated under Hicks.
The Stars' payroll for 2023-24 is $76.5 million, below the $83.5 million salary cap. New ownership will have room to add before the trade deadline in March, assuming the sale closes by then.
The takeaway
Stars sale at **$575M-$650M** to unnamed Canadians; broadcast-rights chaos and playoff drought built into the price.
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