Thursday, July 2, 2009
Major League Baseball loaned millions to Texas Rangers owner Tom Hicks
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Photo not provided by the Texas Rangers
Emergency rations have been airlifted to the Hicks compound
ARLINGTON — According to this story, it appears wealthy Dallasite Tom Hicks, the much-maligned owner of both the Texas Rangers and the Dallas Stars, is in deeper financial straits than he had been letting on. With his companies failing and Hicks defaulting on a half-billion dollar loan recently, reports have surfaced that Major League Baseball has been keeping the Texas Rangers afloat with millions in loans.
While the exact amounts of the loans are not yet publicly known, estimates place the handouts at around $15 million.
Texas began the season with a payroll of around $66 million, just 22nd out of 30 major league teams. Hicks had earlier offered the Rangers up for sale after defaulting on a $525 million loan.
Hicks has said that the Dallas Stars are not for sale, but the team's payroll has been seriously reigned in, with the team spending only $46 million despite being $10 million under the salary cap.
Posted by Todd M.
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