Melbourne Stars' tumultuous week is on the cusp of returning to positive territory, with the Big Bash League team closing in on what would be a rapid replacement for collapsed key sponsor Dick Smith.

The Stars' delight at last weekend attracting a record BBL crowd of 80,883 was severely dampened by confirmation on Tuesday morning that Dick Smith, the electronics retailer, had been placed in the hands of administrators because its financial backers decided time was up for its management.

For sale: With the collapse of Dick Smith, the Melbourne Stars are seeking a new major sponsor. Credit:Getty Images

"It's been an incredible week," Stars' chief executive Clint Cooper, lamented. "We've gone from an unbelievable high of drawing over 80,000 to the MCG to finding out that our principal partner, and a relationship we had been fostering for a number of years, has gone into formal administration."

Dick Smith was in its third year as the Stars' principal sponsor. As one of many creditors, the Stars may earn only a fraction of what is owing to them - if anything at all - under the terms of the sponsorship.