Texas Rangers Owner Hicks Sports Group Misses Interest Payments

Bloomberg reports:

Billionaire Tom Hicks’s holding company for the Texas Rangers baseball team defaulted on $525 million in loans after missing interest payments, Bloomberg data show.

Hicks Sports Group, which also owns the Dallas Stars hockey team, is involved in negotiations with its lenders over the terms and covenants of the loans, Hicks Sports said in an e- mailed statement. Describing the situation as a “business dispute,” the team owner decided to withhold last week’s interest payment “as part of its negotiations,” according to the statement.

You'll be hearing about more sports teams having financial problems in the coming years.