DALLAS (AP) – The company that owns baseball’s Texas Rangers and hockey’s Dallas Stars has defaulted on about $525 million in loans.
Owner Tom Hicks said Friday he intentionally did so to help negotiate with banks. He told The Associated Press the teams won’t be affected.
His holding company, Hicks Sports Group, didn’t pay an interest payment on syndicated bank loans. A syndicated bank loan is one made by a group of lenders to one borrower.
Last week, Hicks said he was looking for investors to buy minority interests in the Rangers and the Stars. Hicks also owns a 50 percent stake in the Liverpool socceer team in England but that club is owned through another entity.
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