Gaglardi purchases Stars

Tom Gaglardi purchased the NHL's Dallas Stars on Friday and will be introduced as the new owner of the franchise on Monday.

The NHL board of governors had previously approved the transaction, which was then approved by a bankruptcy court in Delaware on Friday.

The 43-year-old Gaglardi is the president of Northland Properties Corporation, the largest family-owned hospitality company in Canada.

Gaglardi named Jim Lites as the president and CEO of the franchise. Lites held the same position from 1993-2002 and 2003-2007.

"I know the fans and the organization are relieved that this period of uncertainty is over," said Gaglardi. "The team has established a solid foundation, and I am looking forward to working with Jim Lites and Joe Nieuwendyk, who I have always admired and think is doing a superb job, to reignite fan enthusiasm for this club."