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.
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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.
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