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Articles about Dallas Sports Business

Club Officials Go Silent Over Chatter Major League Baseball Has Loaned Texas Rangers Money

UPDATED, 9:10 a.m. CDT to indicate it is Hicks Sports Group, not Tom Hicks personally, that is struggling with debt issues.

ARLINGTON – Amid increased internet chatter Wednesday that Tom Hicks’ sports group – Hicks Sports Group – financial woes are deepening and that the club has borrowed money from MLB’s rainy-day fund, team officials took a strange approach.

They went silent.

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posted by Evan Grant | July 2nd, 2009 12:47am | filed under Baseball, Breaking News, Dallas Sports Business, Texas Rangers, Tom Hicks | 26 Comments »

Tom Hicks Quote On Wall Street Journal Default Story

Some of you may have read a Wall Street Journal story this morning discussing the official default filing against Hicks Sports Group for its failure to make an interest only payment of approximately $10 million on a $525 million loan. If you didn’t buy a hard copy of the Journal, you’ll have to ante up for a subscription to the online version to see the full story, but ol’ Fingers of Fury (at least that’s what they call him in the office) Robert Wilonsky blogged about some of the key points of the story this morning at Unfair Park.

The most provocative assumption made in the story is that Hicks could lose control of either the Rangers or Stars or both. I’ve been told repeatedly by sources within HSG that there is zero chance of that happening. Hicks said nearly two weeks ago that he has been in close contact with commissioners from both MLB and the NHL regarding HSG’s decision not to make the payment and the leagues approve of his plan to re-negotiate the loans. The leagues would also offer a significant level of protection against any foreclosure attempts.

Here’s the statement from Hicks that was just recently sent out:

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posted by Evan Grant | April 14th, 2009 1:54pm | filed under Baseball, Dallas Sports Business, Dallas Stars, Sports business, Texas Rangers | 5 Comments »

Tom Hicks May Sell Up To 49 Percent of Rangers and Stars

SURPRISE, Ariz. - Rangers/Stars owner Tom Hicks on Wednesday confirmed InsideCorner’s report that he is seeking investors to buy a significant chunk of his U.S. sports operations.

Hicks currently controls 95 percent of the teams, but said he is willing to relinquish up to 49 percent of the Rangers and Stars. He said few major market clubs are completely controlled by one owner.

“I look at it as a way to improve things in a bad economy,” Hicks said. “It’s something we’ve been looking at quietly for the last couple of months. I don’t think it’s a big deal.”

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posted by Evan Grant | March 25th, 2009 8:17pm | filed under Dallas Sports Business, Texas Rangers, Tom Hicks | 8 Comments »