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Hicks Sports Group in default.

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Hicks Sports Group in default.

Postby Pogotheostrich » Tue Apr 14, 2009 2:13 pm

Mr. Hicks has declined to continue making up the difference out of his own pocket, according to a person familiar with the matter.

That has angered some of the lenders -- a collection of large banks and smaller investment funds -- for whom the default notice begins a process that could put the banks in control of the teams. That won't happen for at least 180 days, however, as lenders have agreed to National Hockey League provisions that prevent immediate foreclosure. Major League Baseball's rules for such situations are more fluid, though if Hicks Sports Group can't satisfy lenders, the lenders can eventually force an MLB-sanctioned sale of the Rangers. ...

"I'm confident that I'll be able to reach agreement with 51% of the lenders because I will be able to fund all the cash needs of the two teams during the period that I'm bringing in new partners, which will help us to drastically reduce if not eliminate HSG's debt," Mr. Hicks said in an interview. ... _event.php

I know Young was on the block earlier but the Rangers don't seem to have many moveable high salary players.
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