Posted on 04/03/2009 8:43:13 PM PDT by PAR35
UPDATE: Tom Hicks tells The Dallas Morning News that he is not yet in default; please see tomorrow's paper for details. I've adjusted the wording throughout this item to reflect that. If anybody has information that contradicts his position, please let me know.
Dallas billionaire Tom Hicks' holding company stopped interest payments on $525 million in loans, according to a report today by financial Web site FINalternatives.
Hicks Sports Group, which owns the Texas Rangers and the Dallas Stars, failed to make an interest payment on syndicated banks loans earlier this week, according to the report. The Hicks group is now seeking some leeway in talks with its lenders.
(Excerpt) Read more at economywatchblog.dallasnews.com ...
interesting.
Hmmm . . .just as soon as the former President moves next door
Bush’s fault for Hicks’ default?
/s
Damn, that's not chicken feed!!
Sports bailout on the way!!!
The interesting question is this...if in the middle of baseball season...we have six teams on the verge of bank failure and can’t pay their millionaire players...will they simply drop the teams for the remainder of the season or force them into bankruptcy? There are only five or six teams that I consider financially on the high ground, with no issues. The remaining twenty all have various issues. If you reside in the rust belt...like Cleveland or Detroit....I have serious doubts that you can put more than 8,000 people into a Sunday afternoon game in the midst of July this year. Thats a very serious situation for baseball.
That's the Founder's Club with the private buffets; etc, but just about everything between the twenties requires a $10,000 seat license before you buy season tickets. Cheapest seats at the very top are $60.
I can't imagine that many people willing to pay that much to see a football game.
Half the NBA teams lost money last year. I was shocked that Snyder paid $100 million for Haynesworth to play for the Skins. I suspect the salaries will drop dramatically over the next couple of years.
I expect it may be a long time before Cowboys fans see a home game on TV. Just too many seats for a sellout. Well, Hunt was a nicer guy, anyway. Maybe we should just all watch KC in his memory.
>> I can’t imagine that many people willing to pay that much to see a football game.
That’s a lot of money to see the Cowboys play football.
Especially when you can sit through an entire game without seeing the cowboys play football! Happens a lot during those *important* games.
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