The sale of the Dallas Stars is down to two main potential buyers -- Calgary oil mogul Bill Gallacher and Vancouver businessman Tom Gaglardi -- a source confirmed to ESPN.com's Pierre LeBrun on Monday.
The Globe and Mail first reported the story.
The source also tells ESPN.com there is a third potential buyer considering making a bid for the NHL franchise.
Another potential ownership group headed by Irving oil and gas businessman Billy Quinn and former Stars president Jim Lites dropped out of the negotiations, two sources close to the negotiations told the Globe and Mail. That group also recruited Stars center Mike Modano.
Gallacher, who owns the Portland Winter Hawks of the Western Hockey League, owns Athabasca Oil Sands Corp. The company is worth $7 billion after going public.
Gaglardi, the majority partner of the Kamloops Blazers of the WHL, runs Northland Properties Corp., which owns and operates hotels, restaurants and resorts. He lost a court fight to gain control of the Vancouver Canucks in 2008.
Sources told the Globe and Mail that the sale price will be announced between $200 million and $240 million, depending on how the team's debt under current owner Tom Hicks is handled.
Information from ESPN.com's Pierre LeBrun contributed to this report.