As expected, Texas Rangers owner Tom Hicks has reached an agreement to sell the team to a group led by Pittsburgh sports attorney Chuck Greenberg which includes Hall of Fame pitcher Nolan Ryan, according to North Texas’ NBC affiliate KTEN. Despite the apparent deal, it still needs to be approved by Hicks’ creditors, which might not be a sure thing.
Tom Hicks Agrees To Sell Rangers, Creditors Must Approve Deal
Hicks, who made his fortune as a private equity guru in the 1980s and 1990s, defaulted on more than $500 million in debts held by his sports holding company, Hicks Sports Group (HSG), back in April. Monarch Alternative Capital, a hedge fund that has snatched up about $100 of HSG’s debts at distressed prices after Hicks defaulted, is now Hick’s biggest lender, and could potentially block any sale. According to the Sports Business Journal, sources close to Monarch indicate that they are not pleased with the proposed deal, in part because they believe Hicks may have turned down a more lucrative deal, and also since he would apparently still own a “significant” part of the team after the sale.
So for Rangers fan over at SB Nation’s Lone Star Ball, the celebrations over Hicks selling the team may be slightly premature, although it will only be a matter of time before this, or another, deal is finalized.
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