The Dallas Stars filed for bankruptcy in Delaware last week, making the National Hockey League team the third professional sports franchise to file for bankruptcy in the state during the last two years.
The team, which is seeking Chapter 11 protection, joins Major League Baseball’s Chicago Cubs and Los Angeles Dodgers as the sports teams that filed in Delaware. Of the last five professional franchise team bankruptcies, only the NHL’s Phoenix Coyotes and MLB’s Texas Rangers opted to file in their home states. At the time of bankruptcies, however, the Coyotes’ ownership was a Delaware limited liability corporation and the Rangers were owned by a limited partnership formed in Delaware, so both entities could have chosen to file in the state.
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