07
Apr
09

Rangers’ Owner Defaults on Bank Loans


84579878It 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…

[Bloomberg and Luxist]


0 Responses to “Rangers’ Owner Defaults on Bank Loans”



  1. Leave a Comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s


Follow The Slanch Report

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 19 other followers

Sign Our Petition!

The Slanch Report has started an online petition asking the MLB Network to air the Dock Ellis no-hitter he threw on June 12, 1970 against the San Diego Padres. The moment was a seminal piece of baseball history and is certainly worthy of being rerun.

Please join us in this cause and sign the petition below so we can all share in this special and fantastic moment of baseball history. THANKS!
SIGN THE PETITION HERE! AND PLEASE TELL YOUR FRIENDS AND PASS THIS ALONG!

April 2009
M T W T F S S
« Mar   May »
 12345
6789101112
13141516171819
20212223242526
27282930  

Categories


%d bloggers like this: