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 More Rangers NewsRangers LinksThe company that owns baseball's Texas Rangers and hockey's Dallas Stars has defaulted on about $525 million in loans, with owner Tom Hicks saying on Friday that he intentionally made the move to help negotiate with banks. Hicks told The Associated Press the teams won't be affected after Hicks Sports Group, his holding company, didn't make an interest payment on the syndicated bank loans Tuesday. A syndicated bank loan is one made by a group of lenders to one borrower. Hicks also owns a 50 percent stake in Liverpool FC in the English Premier League, but that is owned through another entity. "What we want is the banks to allow us to use our interest revenue," Hicks said. "We need 51 percent approval, which we anticipate. It is hard to get two banks to agree to anything, much less 40 on a timely basis." |
