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| Posted: Thu Jul 2nd, 2009 06:18 pm |
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1st Post |
Kevin McCarthy
Benevolent Dictator
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from d magazine's sports blog:
ARLINGTON - Amid increased internet chatter Wednesday that Tom Hicks’ sports group - Hicks Sports Group - financial woes are deepening and that the club has borrowed money from MLB’s rainy-day fund, team officials took a strange approach.
They went silent.
The chatter arose Wednesday after a local blog reported hearing on a national radio broadcast the team had borrowed $15 million from MLB to make its most recent payroll obligations and to fund ongoing operations. Asked about the reports, Hicks referred questions to team spokesman John Blake, who said the team would have no comment on the financial situation. Club president Nolan Ryan declined to comment after the Rangers’ 9-7 win over Los Angeles, which pulled them within a half game of the Angels in the AL West.
Club sources, however, said the team has paid its employees for the most recent pay period and that Hicks remains in control of the organization. According to a source familiar with the situation, the Rangers are continuing normal operating procedures and have financial resources to sign both draft picks and international free agents. The source, however, did not mention the possibility of increasing payroll at the trading deadline.
According to a source, a scenario has been in place for several weeks that would have allowed the Rangers to borrow from the MLB fund. It would not mean MLB would take control of the club, but under those circumstances, it’s likely MLB would have much more say on spending matters. The Rangers top two draft picks, LHP Matt Purke and RHP Tanner Scheppers, are both demanding bonuses well in excess of the current MLB-recommended “slotting” system.
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Dance like there's nobody watching, Love like you've never been hurt, Work like you don't need the money and Live like it's Heaven on Earth!
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| Posted: Thu Jul 2nd, 2009 06:35 pm |
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2nd Post |
jnj3
Former Member
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Should have just asked our POTUS for it.
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| Posted: Thu Jul 2nd, 2009 06:37 pm |
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3rd Post |
Bob Of Burleson
...And the smell of gunsmoke
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Thank goodness. A-Rod will get his check this month.
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| Posted: Thu Jul 2nd, 2009 07:25 pm |
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4th Post |
The Neches River Rat
Member
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Speaking as a current Rangers employee....I was able to cash my last paycheck that I got on Tuesday.
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| Posted: Thu Jul 2nd, 2009 08:36 pm |
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5th Post |
travel guy
Member
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And Liverpool, the English soccer team that Hicks owns, has a $600 million loan payment due at the end of this month.... :(
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Yes there are two paths you can go by, but in the long run there's still time to change the road you're on.
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| Posted: Thu Jul 2nd, 2009 08:38 pm |
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6th Post |
BigTex
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Fair's fair. I have to borrow money to afford a game.
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| Posted: Thu Jul 2nd, 2009 09:47 pm |
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7th Post |
Mark
member
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Bob Of Burleson wrote: Thank goodness. A-Rod will get his check this month.
ARod opted out of that contract and signed a new one with the Yankees. The Rangers are off the hook on that deal.
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"Green is the new Red."
http://www.fairtax.org
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| Posted: Thu Jul 2nd, 2009 09:49 pm |
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8th Post |
Mark
member
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The Texas Rangers organization generates more than enough revenue to meet it's current payroll obligations. If they are having to borrow money to meet payroll, then Hicks is siphoning money from the Rangers to meet other obligations.
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"Green is the new Red."
http://www.fairtax.org
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| Posted: Thu Jul 2nd, 2009 09:53 pm |
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9th Post |
Mr. Bubble
oOoOoOoOoOoOo
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Yo Stemyn!
How's the attendance holding out at the games?
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Always remember you're unique, just like everyone else.
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Bob Of Burleson
...And the smell of gunsmoke
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Mark wrote: The Texas Rangers organization generates more than enough revenue to meet it's current payroll obligations. If they are having to borrow money to meet payroll, then Hicks is siphoning money from the Rangers to meet other obligations.
Sounds like the Star-Telegram and McClatchy scenario.
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stemyn
Ballpark in Arlington Resident
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Mr. Bubble wrote: Yo Stemyn!
How's the attendance holding out at the games?
As of today, the current average is 2300 more per game than last year.
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A baseball game is simply a nervous breakdown divided into nine innings. ~Earl Wilson
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Bubba
Redneck Computer Geek
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Mark wrote: Bob Of Burleson wrote: Thank goodness. A-Rod will get his check this month.
ARod opted out of that contract and signed a new one with the Yankees. The Rangers are off the hook on that deal.
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stanwood
I don't need no stink'n title
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BigTex wrote: Fair's fair. I have to borrow money to afford a game.
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Don't cry because it's over, smile because it happened.
- Dr. Suess
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jody
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Wonder what Hicks' mortgage/taxes/insurance is on that $41 million dollar home of his?
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Kevin McCarthy
Benevolent Dictator
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i know it all ultimately comes out of the same pockets but i hear that hicks is fine personally---it's his businesses that are troubled...
this was buried on the dmn website today:
By MIKE HEIKA / The Dallas Morning News
The Hicks Sports Marketing Group was born in 2006 with the idea that the combined force of Tom Hicks' sports entities had the potential to accomplish great things.
But with the expiration Tuesday of Jim Lites' contract, the marketing group has been dissolved and employees split between the Rangers and the Stars as Hicks continues to seek a buyer for the Rangers and focus on the Stars. Lites had been serving as president of the marketing group.
"It's a natural progression where there isn't a need for that service, so we're streamlining the company," Hicks said. "This makes sense for a number of reasons."
The marketing group's biggest job was selling corporate advertising and sponsorship – offering package deals to big advertisers. However, with the Rangers for sale, the usefulness of the marketing group and Lites had been reduced.
Lites was hired as Stars president in 1993 by owner Norman Green when the team moved from Minnesota. He was relieved of his duties as president in November 2007 but continued to work for Hicks.
Lites, 56, has helped oversee the building of nine Dr Pepper StarCenters, including the team's training facility in Frisco. He also has played a key role in the building of American Airlines Center and of the new minor league rink in Cedar Park in suburban Austin.
He has been lent out to the NFL's New York Giants for parts of the last two years as he has managed the personal seat license program for the Giants new stadium, and said he will continue with that project and also look for a job in sports management.
He didn't rule out trying to be a part of a group that might buy the Rangers and said he wanted to maintain his interest in North Texas sports.
"I've put in a lot of time here, and I like it here," he said. "I'm very proud of what we have accomplished."
Hicks said that he continues to discuss the sale of the Rangers with potential buyers and that the Stars and Rangers are operating "business as usual." The Rangers are contending for a division championship, and the trade deadline is July 31. The Stars have seen their budget reduced significantly and sat out the first day of free agency Wednesday.
"Both teams are able to make moves, if those moves make sense for the general managers," Hicks said. "They have to be able to operate successfully and be profitable. That's just smart business.
"You can't continue to spend money if the team is losing money," Hicks added. "We are determined to create as much revenue as possible for each team, and that's one of the reasons we have changed things. One of our biggest challenges right now is to find ways to market and sell our teams."
While the dissolution of the 12-person marketing group costs a few jobs, most employees were assigned to the Stars or the Rangers and will continue to seek national sponsors.
"It's a good move to get these under our own roof, because it's going to happen eventually," said Stars president Jeff Cogen. "I think it allows us to tailor our agreements a little bit more."
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Dance like there's nobody watching, Love like you've never been hurt, Work like you don't need the money and Live like it's Heaven on Earth!
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gumpbowl
Member
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I believe that was on page 3 of the Sports section in Thursday's paper.
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May this be the best day of your life until tomorrow!!!!
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david In Oak Cliff
Member
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Tom Hicks has walked around for years showing off a fat wallet full 0f borrowed money !
Then again Most companies use a line of credit to pay their bills . I guess his lines of Credit have dried up at least for now.
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Move along nothing to see here!
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jody
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Way back when Hicks' kids were growing up, they got in some considerable trouble for throwing keggers - with booze bought by adults. I can remember reporting on many of the attendees having to face the music - but Hicks' kids never did. If memory serves they never even got to the magistrate - and both boys have had subsequent problems involving alcohol and the law. Why wouldn't they? No one ever held them to accounts.
That Hicks' own is secure at the expense of other interests is in keeping, even if those other interests suffer in the long run. And that is why I don't like him.
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