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SALE OF STARS COLLAPSES -- GREEN LOOKS FOR NEW INVESTOR
Published June 29, 1995
Dallas financier Thomas Hicks "couldn't reach a deal to buy part of the Stars, leaving team Owner Norman Green to find other investors to help him repay lenders," according to Richard Oppel in this morning's DALLAS MORNING NEWS. Green called the collapse of talks "unfortunate" and said that Hicks "would have been a great asset." Green said that conversations with others are "ongoing," but he would not identify any new potential investors. He did say he "is certain something will be finalized" by the end of July. Oppel reports that the Hicks deal "could have put the new investors on better footing than Green." The Hicks group's investment to be "senior" to Green's, so if the team were sold or had financial trouble, the Hicks investors would be repaid before Green. A prior deal (also unsuccessful) with Ross Perot Jr. was said to have included the same clause (DALLAS MORNING NEWS, 6/29).