Yankees Spend Big On Jacoby Ellsbury Bills' Brandon Discusses Future Of Toronto Series Five Former Chiefs Sue Team Over Concussions Indians To Close Three Team Shops Rays Introducing Paperless Flex Pass Chargers Face Second-Straight Blackout Q&A With Sporting KC CEO Robb Heineman Kiss Using Its Brand To Boost AFL Franchise MLB Franchise Notes Franchise Notes
Tom Hicks Looking To Renegotiate Stars, Rangers' Debt
Published April 6, 2009
|Hicks' Company Has Stopped Making
Interest-Only Payments On Loans
NO CAUSE FOR CONCERN: Hicks said, "We're doing this to get everybody's attention so they'll make a decision and cooperate with us. This is really between me and the banks and the lenders to HSG" (FT. WORTH STAR-TELEGRAM, 4/4). Hicks in an e-mail also said, "There is no possibility of banks owning the teams" (STAR-TELEGRAM.com, 4/3). In addition, the NHL said that it is "not worried about the future" of the Stars. NHL Deputy Commissioner Bill Daly in an e-mail said, "We have no concerns about the Stars' ability to carry on." Daly indicated that the NHL is "not helping Hicks find new investors for the Stars" (GLOBE & MAIL, 4/4). Meanwhile, Hicks did confirm that he is "seeking buyers for a minority stake" in both the Stars and Rangers. Hicks: "We continue to interview prospective partners for the team, and we are optimistic because these are two strong long-term investments for the right people" (FINALTERNATIVES.com, 4/3). Hicks, who owns 95% of both teams, last week said that he was willing to let prospective partners purchase up to 49% of each club. Hicks Friday said, "I'm bringing in minority partners, so I can pay off the loans. I wouldn't normally do that. In this particular environment, that's what we should do" (AP, 4/4).