NHL approves sale of Dallas stars to Tom Gaglardi

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The NHL Board of Governors on Friday approved Tom Gaglardi as the new owner of the Dallas Stars.

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

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

Gaglardi makes his home in Canada, but has Texas roots, as his mother is a native of Longview, Texas.

Lites is the first person hired by Gaglardi, and he returns for a third stint with the franchise.

"Jim Lites is the right guy at the right time to reposition and lead the franchise forward," Gaglardi said in a release issued by the team. "I like his vision, resilience, marketing expertise and his total energy for this job, and he and I share a huge love of this game."

Gaglardi will be formally introduced at a press conference Monday at American Airlines Arena.