It must be tough being Texas Rangers and Dallas Stars owner Tom Hicks, after all, he is only the 701st richest person in the world and that type of thing can really stick in your craw. So, maybe that’s the reason why his holding company, which controls the Rangers and Stars has defaulted on loans totaling $525 million.
Hicks insists the move was deliberate, as a business strategy to get the banks to change the lending agreements and provide access to reserve accounts and a revolving line of credit. He also said that the whole thing is a “nonevent for the teams, fans, sponsors and vendors.” Of course, this news comes after rumors that Hicks has been actively seeking selling as much as a 49% minority stake in both teams. “We are simply asking the lenders to be reasonable. “Hicks said in an issued statement, “They need to understand that these important assets must be managed with long-term perspective and a commitment to winning.” That’s an interesting strategy, one the Rangers have eschewed since about 1999…
The Slanch Report 
0 Responses to “Rangers’ Owner Defaults on Bank Loans”