Tom Hicks, owner of the Texas Rangers baseball team, announced on Monday that he has put the team into Chapter 11 bankruptcy protection in order to facilitate its sale.
The patriarch, a prominent sports team owner, agreed to a voluntary bankruptcy filing in order to sell the club to a group of investors, which includes the current club president.
"Since 1998, our family has taken great pride and joy in our association with the Rangers," said Hicks (pictured), who will remain as chairman emeritus of the club. "We are proud to play an active role in resolving the deadlock in this complex sale process."
The initial deal to sell the club for $540 million was announced in January; however lenders to the parent company, Hicks Sports Group, blocked the sale. According to the statement released on Monday, the bankruptcy filing "provides sufficient sale proceeds for the Rangers creditors to recover 100% of the portion of HSG Sports Ground's debt that is guaranteed by the Rangers and for all Rangers creditors to be paid in full."
Hicks purchased the US baseball team in 1998 for £250 million, which sits alongside the family's other sports investments that include the Dallas Stars hockey franchise and Liverpool Football Club. However, Hicks is also looking for a buyer for Liverpool, which he co-owns with George Gillett, after a mixed run of fortune has seen the clubs debts spiral under the control of the two American businessmen.
The Hicks Sports Group is part of Hicks Holdings, the holding company of the Hicks family, and was formed in 1999 in order to manage the family's sports and entertainment holdings.
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