Tom Hicks Hires Firm To Find New Investors For MLB Rangers
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Hicks Says Search For Investors
Has Spanned Six Months |
MLB Rangers Owner Tom Hicks has hired newly-created firm Raine to "find potential investors" for the club, including a possible new majority owner, according to Andrea Ahles of the FT. WORTH STAR-TELEGRAM. Hicks Thursday in a statement said, "My family and I want very much to stay involved with the club, but we understand that we have to be open to solutions that may include partners who own a controlling interest in the Rangers." Hicks added that while his "preference is to sell a minority stake, some investors will consider only a majority position." Raine, which is led by former Goldman Sachs Managing Dir Joe Ravitch, will work on the search with Merrill Lynch, which has been "advising Hicks on possible investors." Ravitch previously helped facilitate sales of the Nets and Sonics, and Hicks said that Raine and Merrill Lynch will look at "all possible scenarios to get new investors" for the Rangers (FT. WORTH STAR-TELEGRAM, 5/29). Hicks recently said that he "wanted to sell only a large minority interest in the team," and when asked why that has changed, he said, "I've been trying to do it for about six months, and I have dialogue going with several parties, but I think it's just responsible to expand the process. There are wealthy people all over the country with a big interest in baseball. A lot of them are turned off by only being a minority investor. If I have the right partners, I don't mind giving up total control." Hicks added that he "wants to have investors in place by the start of next season, if not earlier." Hicks asserted that the Rangers process "will have no effect on the team's ability to sign players," nor on his other sports holdings, the Stars and EPL club Liverpool (DALLAS MORNING NEWS, 5/29).
WHO'S ON DECK? Rangers President Nolan Ryan Thursday said that he "might be interested" in acquiring the majority interest in the franchise. However, Ryan cautioned that he "hasn't done any serious investigation of the matter yet, so it's still premature to call him a 'legitimate' bidder." Ryan: "I think here in the future we'll see where this goes, and if it's a possibility, I wouldn't rule it out." Mavericks Owner Mark Cuban in an e-mail indicated that he is "not looking to buy any new teams at this time" (DALLAS MORNING NEWS, 5/29). Texas businessman David McDavid, who had been in talks with Hicks over buying a stake in the Rangers, Thursday indicated that if he "does buy into the Rangers, he will have a controlling interest, or he'll have none at all." McDavid, a former minority Owner of the Mavericks, said "That probably is an important issue. I've had the minority deal and that didn't work out like it was supposed to or that I was told it would." McDavid added, "I'm really interested, but I have a problem deciding whether I want to interrupt my life for something like this. My wife would rather I didn't." There have been rumors that Hicks is "desperate to sell the team," but McDavid indicated that there is "no timetable as far as he's concerned." McDavid: "I don't sense that. That's probably too strong a word. But I do think Tom wants to get something done" (FT. WORTH STAR-TELEGRAM, 5/29).
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