Billionaire Sports Owner Tom Hicks Stops Making Loan Payments
Hick describes the decision as a "nonevent for the teams, fans, sponsors and vendors" and has said he is doing fine financially, well, as fine as one can be in these times. Last week reports came out that he was looking to sell large minority stakes in both teams.
Sports teams generated a lot of revenue but they are also extremely costly and much depends on audience interest. The economy has has a deleterious effect on ticket sales for many teams. Last year's attendance at Texas Rangers games was particularly low and Hicks is hoping for better luck this season. The Rangers have their home opener on Monday.