Tom Hicks has hardly been popular amongst Liverpool FC fans, but his problems at Anfield are nothing compared to the issues facing the Texas Rangers, who have now filed for bankruptcy.
Hicks arrived at Liverpool with co-owner George Gillett in 2007 with grand plans for a new stadium to allow the club to move from Anfield, but the stadium is yet to materialise and, this season, Rafael Benitez's team has failed to secure qualification for the Uefa Champions League, casting further doubts on the club's financial viability.
Things are even more difficult for Hicks on the other side of the Atlantic where, on Monday, the Texas Rangers filed for Chapter 11 bankruptcy protection with the aim of hastening the US$575 million sale of the team to a group of investors that includes former pitcher Nolan Ryan.
The deal will see the Rangers pay the US$75 million of the franchise's debt tied up in Hicks Sports Group, allowing the team to be sold by protecting it from the creditors of HSG.
"I did not want to put the baseball future of the Texas Rangers in jeopardy or uncertainty for an extended period of time," Hicks told Bloomberg. "This action is all about creating an end to the impasse in allowing this team sale to go forward."
New York Yankees star Alex Rodriguez heads the list of creditors. He is owed US$24.9 million in deferred compensation six years after leaving the Rangers. Bloomberg notes: 'The next five on the list are also current or former players: Kevin Millwood ($12.9 million), Michael Young ($3.9 million), Vicente Padilla ($1.7 million), Mickey Tettleton ($1.4 million) and Mark McLemore ($970,000).'
Hicks arrived at Liverpool with co-owner George Gillett in 2007 with grand plans for a new stadium to allow the club to move from Anfield, but the stadium is yet to materialise and, this season, Rafael Benitez's team has failed to secure qualification for the Uefa Champions League, casting further doubts on the club's financial viability.
Things are even more difficult for Hicks on the other side of the Atlantic where, on Monday, the Texas Rangers filed for Chapter 11 bankruptcy protection with the aim of hastening the US$575 million sale of the team to a group of investors that includes former pitcher Nolan Ryan.
The deal will see the Rangers pay the US$75 million of the franchise's debt tied up in Hicks Sports Group, allowing the team to be sold by protecting it from the creditors of HSG.
"I did not want to put the baseball future of the Texas Rangers in jeopardy or uncertainty for an extended period of time," Hicks told Bloomberg. "This action is all about creating an end to the impasse in allowing this team sale to go forward."
New York Yankees star Alex Rodriguez heads the list of creditors. He is owed US$24.9 million in deferred compensation six years after leaving the Rangers. Bloomberg notes: 'The next five on the list are also current or former players: Kevin Millwood ($12.9 million), Michael Young ($3.9 million), Vicente Padilla ($1.7 million), Mickey Tettleton ($1.4 million) and Mark McLemore ($970,000).'
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