Did Tom Hicks Strike Out By Turning Down a Better Deal for the Texas Rangers?
Perhaps I missed this elsewhere, but in the wake of Saturday night's announcement concerning Tom Hicks's having hammered out a deal with Pittsburgh attorney Chuck Greenberg and Nolan Ryan -- otherwise known as the Rangers Baseball Express -- there's news that the deal's anything but done. It comes from the subscription-only Sports Business Journal via The New York Times's DealBook blog this morning, which recaps:
Monarch Alternative Capital, a hedge fund that is now Hicks Sports Group's biggest lender, after Mr. Hicks' group defaulted on more than $500 million in debt, could still block any potential sale, the Sports Business Journal said.
According to the publication, which cited sources close to Monarch, the hedge fund is not pleased with the proposed deal, and believe that Mr. Hicks may have rebuffed a more lucrative offer.
As Hicks's own release pointed out this weekend, the deal can't be sealed till Major League Baseball and the lenders give their respective thumbs up.