Arthur Griffiths, the one-time owner of the Vancouver Canucks, has avoided declaring bankruptcy.
His creditors have now accepted a settlement offer.
The deal will see Griffiths pay an agreed-upon portion of his total liabilities.
Exact figures have not been disclosed.
The proposal must still be approved by the B.C. Supreme Court.
Griffiths has blamed his financial situation on bad business deals. He has been a key figure in B.C. sports for decades.
In addition to owning the Canucks, he played an important role in bringing the Olympics to Vancouver.
© Shaw Media, 2014