Source: Bill Gallacher out of chase

Updated: September 22, 2010, 2:31 PM ET
By Richard Durrett | ESPNDallas.com

Calgary oil mogul Bill Gallacher has pulled out of the running to own the Dallas Stars, a source told ESPN.com's Pierre LeBrun on Wednesday.

Gallacher had been rumored in recent months to be closing in on a deal to buy the club from owner Tom Hicks, but that has now fallen through.

The source said Canadian businessman Tom Gaglardi remains interested, other groups could get back in the bidding and that some newcomers have been added to the mix.

The sale should not affect the Stars' day-to-day operation much as the season heats up. The team is operating on an internal budget, much as the Rangers did while the ownership negotiations and eventual auction in bankruptcy court was going on.

The lack of a new owner means there's likely very little wiggle room in that internal budget to make major trades that would take on a lot of salary.

Hicks hired Galatioto Sports Partners in February to help find potential owners for the Stars. That was during the negotiations to get the sale of the Rangers completed to the group led by Pittsburgh attorney Chuck Greenberg and club president Nolan Ryan.

Eventually, the Rangers went to bankruptcy court before the Greenberg-Ryan group, Rangers Baseball Express, purchased the team at auction in August.

Richard Durrett is a reporter and columnist for ESPNDallas.com. Pierre LeBrun covers the NHL for ESPN.com.

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