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Hicks files for Bankruptcy re: Dallas Stars

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Dallas Stars: Owner Tom Hicks is bankrupt and creditors had hoped to get $250 million — the price he paid in 1998 when he bought the franchise. The hitch: The longer the sale takes, the more likely it is the price will go down, bad news for the league. He also owns baseball’s Texas Rangers and co-owns soccer’s Manchester United. Baseball is ready to invoke its “best interests of baseball†bylaw and seize the Rangers. NHLers Mike Modano, Brett Hull and Wayne Gretzky are among four potential groups said to be kicking the tires on the Stars.

Source: Toronto Star

Note: They messed up with the Man United co-owner bit!!
 
[quote author=tombrown link=topic=40246.msg1104802#msg1104802 date=1273844923]
Wish he did co-own the scum ...
[/quote]

the manc owners are worse.
 
[quote author=spider-neil link=topic=40246.msg1104804#msg1104804 date=1273845239]
[quote author=tombrown link=topic=40246.msg1104802#msg1104802 date=1273844923]
Wish he did co-own the scum ...
[/quote]

the manc owners are worse.
[/quote]

Yes terrible compared to the Liverpool owners.
 
What's interesting here is that the Baseball Commissioner Bud Selig has the power to take a team off the owners hands if he doesn't feel its being run well. (As he is about to do with Tom Hicks - Texas Rangers) He also has the power to decide who will own the team and is able to make the decision on whether the team will be sold to one investor or another.. Maybe we need someone like this in football? It would help around about now!
 
Could be both/either - bad because it shows his overall financial woes are continuing, good because his losing the Dallas Stars will mean he can't siphon any money off into their account.
 
[quote author=TheBunnyman link=topic=40246.msg1104879#msg1104879 date=1273853578]
So is this good news or bad news for Liverpool?
[/quote]

I'm going with good. If he's filed for bankruptcy then surely it will give RBS plenty of ground to force him to lower his ridiculous valuation of the work he thinks he's done at LFC.
 
Are you sure about this news, plates? I dont see anything in the news here in the US. The Toronto Stars website also does not seem to have any info on it.
 
On a sidenote the new Aviva Stadium in Dublin was officially opened today. 50,000 seater it replaces the old Lansdowne Road stadium. It cost €410M ( £350M), and will host next season's Europa League final
 
[quote author=Jack D Rips link=topic=40246.msg1104903#msg1104903 date=1273856014]
On a sidenote the new Aviva Stadium in Dublin was officially opened today. 50,000 seater it replaces the old Lansdowne Road stadium. It cost €410M ( £350M), and will host next season's Europa League final
[/quote]

Great. Did Tom Hicks have anything to do with that ?
 
[quote author=Sunny link=topic=40246.msg1104910#msg1104910 date=1273857590]
[quote author=Jack D Rips link=topic=40246.msg1104903#msg1104903 date=1273856014]
On a sidenote the new Aviva Stadium in Dublin was officially opened today. 50,000 seater it replaces the old Lansdowne Road stadium. It cost €410M ( £350M), and will host next season's Europa League final
[/quote]

Great. Did Tom Hicks have anything to do with that ?
[/quote]

LOL.
 
[quote author=plates link=topic=40246.msg1104812#msg1104812 date=1273845917]
What's interesting here is that the Baseball Commissioner Bud Selig has the power to take a team off the owners hands if he doesn't feel its being run well. (As he is about to do with Tom Hicks - Texas Rangers) He also has the power to decide who will own the team and is able to make the decision on whether the team will be sold to one investor or another.. Maybe we need someone like this in football? It would help around about now!
[/quote]

That's not entirely accurate.

Firstly - it's worth noting how much better the governance in baseball is. The Premiership is a bad fucking joke when it comes to running it responsibly.

Hicks has agreed to the sale to Chuck Greenberg's group involving Nolan Ryan, who is currently team president or something along those lines. The problem with the sale is that the creditors of the Hicks Sports Group have to agree to the sale too, and one (of 40) hasn't agreed to the sale. Monarch Alternative Capital is the group, they specialise in buying stocks in "stressed" companies and milking the fuck out of them. The sale is for €525m, but only €300m is available to the creditors (I'm unsure as to why).

In response Selig has threatened to take the team under MLB control, in a process that involves allowing the Rangers to get out of all sorts of legal responsibilities, one of them being the debt. Selig threatened it because of the hold up of the sale, he's also strongly advised Hicks to keep his mouth shut recently too. http://sports.espn.go.com/dallas/mlb/news/story?id=5123470
 
[quote author=Sunny link=topic=40246.msg1104910#msg1104910 date=1273857590]
[quote author=Jack D Rips link=topic=40246.msg1104903#msg1104903 date=1273856014]
On a sidenote the new Aviva Stadium in Dublin was officially opened today. 50,000 seater it replaces the old Lansdowne Road stadium. It cost €410M ( £350M), and will host next season's Europa League final
[/quote]

Great. Did Tom Hicks have anything to do with that ?
[/quote]

yes. He kept well fucking clear of it
 
Impossible to say really, it looks like Hicks Sports Group will be finished soon enough. LFC has effectively been propped up for the last two years by loans from the Yanks to club (via the holding company). If Hicks has nothing left then that is presumably unlikely to continue.

And if he can't continue to finance the club, then the threat of RBS pulling the plug becomes greater. Surely at that point then himself and Gillett will realise the need to drop their price and shift the club before losing out.

So if they do the sensible thing it's probably good news.
 
[quote author=Rosco link=topic=40246.msg1104978#msg1104978 date=1273867880]
Impossible to say really, it looks like Hicks Sports Group will be finished soon enough. LFC has effectively been propped up for the last two years by loans from the Yanks to club (via the holding company). If Hicks has nothing left then that is presumably unlikely to continue.

And if he can't continue to finance the club, then the threat of RBS pulling the plug becomes greater. Surely at that point then himself and Gillett will realise the need to drop their price and shift the club before losing out.

So if they do the sensible thing it's probably good news.
[/quote]

Ah... good.
 
[quote author=Jack D Rips link=topic=40246.msg1104977#msg1104977 date=1273867742]
[quote author=Sunny link=topic=40246.msg1104910#msg1104910 date=1273857590]
[quote author=Jack D Rips link=topic=40246.msg1104903#msg1104903 date=1273856014]
On a sidenote the new Aviva Stadium in Dublin was officially opened today. 50,000 seater it replaces the old Lansdowne Road stadium. It cost €410M ( £350M), and will host next season's Europa League final
[/quote]

Great. Did Tom Hicks have anything to do with that ?
[/quote]

yes. He kept well fucking clear of it
[/quote]

Boo !
 
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