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.
Keep the Dallas Observer Free... Since we started the Dallas Observer, it has been defined as the free, independent voice of Dallas, and we would like to keep it that way. Offering our readers free access to incisive coverage of local news, food and culture. Producing stories on everything from political scandals to the hottest new bands, with gutsy reporting, stylish writing, and staffers who've won everything from the Society of Professional Journalists' Sigma Delta Chi feature-writing award to the Casey Medal for Meritorious Journalism. But with local journalism's existence under siege and advertising revenue setbacks having a larger impact, it is important now more than ever for us to rally support behind funding our local journalism. You can help by participating in our "I Support" membership program, allowing us to keep covering Dallas with no paywalls.