The Club's creditors may not accept the proposed sale of the Texaz Rangers baseball team to Hall of Fame Pitcher Nolan Ryan and attorney as agreed in Jan. The team owner Thomas Hicks may be bankrupt unless the terms approved or another buyer is not found.
The major creditor Monarch Alternative Capital may block Hicks Sports Group LLC, which defaulted on $525 million of debt last year.
Hicks was a chairman of private equity firm Hicks, Muse, Tate and Furst Inc from 1989-2004. He is being forced to sell the frenchise at the signed amount of $252 million.
Hicks is also intending the sale of 18-time English soccer champion Liverpool, which is co-owned by him. He is also exploring a possible sale of the Dallas Stars of the National hockey League.
Negotiations with creditors are onging and resolution could be reached. If creditors block the sale and pursue a bankruptcy filing, the club will be the second major league team to enter bankruptcy within a year. In October, the Chicago Clubs joined owner Tribune Co. in Chapter 11 as part of that team’s sale. Hicks can't sell the team without creditor's approval.
Hicks cut the deal with a separate sale of 153 acres of land, ballpark for cash, notes and a stake in the team.
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