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Hicks is Broke.

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If the owners (one half) is broke, we are too. So... Rafa has to scrape the bottom of the barrel or bosmans or fight to get Owen from Man U.
 
Fox newslink

NEW YORK (AP) — Major League Baseball has loaned millions to Texas Rangers owner Tom Hicks, Yahoo! reported.

The league would not go into details about any borrowing, but said it was assisting Rangers owner Tom Hicks with the sale of the franchise.

"Tom is the control person, and there was no issue of making payroll," Bob DuPuy, baseball's chief operating officer, said Thursday. "Major League Baseball is working with the Rangers to sell the team, as Tom requested."

Hicks did not respond to an e-mail seeking comment.

Yahoo!, citing a major league source, first reported Thursday that a loan was made to Hicks Sports Group and that the amount was believed to be for less than $15 million.

The sport's central office routinely withholds $15 million to $20 million owed each team from central revenues and the sale of the Montreal Expos, and teams may borrow from that with the permission of commissioner Bud Selig.

A caller Wednesday to an XM radio station said the Rangers had failed to make payroll and had to get $15 million from Major League Baseball. The host, former Rangers manager Kevin Kennedy, said he knew something about the situation.

Reports of the radio broadcast were published by rangerfans.com, a Web site that follows the team.

Texas began the season with a payroll of $68.6 million, 22nd among the 30 big league teams.

It's not unprecedented for teams to borrow from MLB. In 1992, the Detroit Tigers borrowed about $5 million to make payroll one month.

Hicks said in May he was willing to sell controlling interest in the franchise. Earlier this year, Hicks Sports Group defaulted on $525 million in loans backed by the Rangers and the NHL's Dallas Stars, the other U.S. sports franchise Hicks owns.

Hicks bought the Rangers for $250 million in 1998. Last month, Forbes valued the franchise at $405 million, 15th among the 30 major league teams.

Two years ago, Hicks combined with Montreal Canadiens owner George Gillett Jr. to buy Liverpool of the English Premier League through a different entity, Kop Football (Holdings) Ltd. It has been negotiating to refinance 350 million pounds ($574 million) debt before a July 24 deadline.

Gillett agreed last month to sell the Canadiens, the Gillett Entertainment Centre and the Bell Centre.
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[quote author=seattlejason link=topic=34513.msg899184#msg899184 date=1246596219]
For some reason I like Gillett. But Hicks can go and suck a big a fat one.
[/quote]

You prefer the guy who would have f'cked Rafa off to save Parry's job?
 
[quote author=seattlejason link=topic=34513.msg899184#msg899184 date=1246596219]
For some reason I like Gillett. But Hicks can go and suck a big a fat one.
[/quote]

Gillett obviously regrets bringing Hicks to the table. I honestly feel that Gillett wants to do the right thing, and was the one that understood the history, but had to go along with Hicks.
Yes it's his own fault for biting off more than he could chew on his own, and that is what caused the problems, but the real root cause is the world economy.
As for JJ's remarks about fucking Rafa off, any boss in his right mind would have wanted to fuck Rafa off the way he was carrying on with a media campaign.
Gillett has sold the Canadienes, which I would have thought was very close to his heart, to invest more money in us.
I think if Hicks has to sell, that would probably be good and as long as Gillett sells some of his stock that gives a potential owner / partner a majority that would be OK

regards
 
There's a good deal I'd take issue with there, old mate, but it's been done to death in the past so I'm going to let it lie now.
 
[quote author=Rafa4PM link=topic=34513.msg899364#msg899364 date=1246619322]
Only a totally self obsessed loon, would have actively tried to get rid of Rafa at that time.
[/quote]

Not sure about that , the way he was bad-mouthing the owners through the press, I don't think anyone would have blamed them. As I recall it was the source of some surprise on here that they didn't , including the pro Rafa lobby
 
[quote author=Vlads Quiff link=topic=34513.msg899370#msg899370 date=1246619973]
[quote author=Rafa4PM link=topic=34513.msg899364#msg899364 date=1246619322]
Only a totally self obsessed loon, would have actively tried to get rid of Rafa at that time.
[/quote]

Not sure about that , the way he was bad-mouthing the owners through the press, I don't think anyone would have blamed them. As I recall it was the source of some surprise on here that they didn't , including the pro Rafa lobby
[/quote]

Well back then Vlad this board was filled with Rafa haters, there numbers were growing daily, so i wouldn't be surprised with that (how times have changed hey?)

My point is though that Rafa was doing a good job at a time when the owners were not getting on at all, and there were no viable alternatives to come in and take over from Mr Benitez. Add to this that the squad would have been severely disrupted with the upheaval of his departure during the season, and the fans were allready openly anti the owners, and then maybe you can see where I'm coming from. I maintain that only a loon would have sacked Rafa then.
 
As it's turned out, i think that G&H would now look back and think that they made the right decision in choosing to not sack him off.
 
So now Hicks is broke and the other one isn't?How did they manage to get the loan refinanced if he was broke?
 
[quote author=Asim link=topic=34513.msg899404#msg899404 date=1246622020]
So now Hicks is broke and the other one isn't?How did they manage to get the loan refinanced if he was broke?
[/quote]

The loan is based on LFC's viability rather than Hicks' wealth
 
[quote author=Rafa4PM link=topic=34513.msg899403#msg899403 date=1246621812]
As it's turned out, i think that G&H would now look back and think that they made the right decision in choosing to not sack him off.
[/quote]

Thats pretty obvious, they just gave him a 5 year contract and agreed to let him build the club bottom up.
 
[quote author=Rosco link=topic=34513.msg899626#msg899626 date=1246639479]
[quote author=Asim link=topic=34513.msg899404#msg899404 date=1246622020]
So now Hicks is broke and the other one isn't?How did they manage to get the loan refinanced if he was broke?
[/quote]

The loan is based on LFC's viability rather than Hicks' wealth
[/quote]

Would hicks' financial problems have no bearing at all?
Would have thought he would have had to stump up some kind of cash injection as a financial guarantee's into the pot
 
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