Hicks' loan default casts shadow on Rangers, Stars

The AP reports:

Tom Hicks owns the Texas Rangers and the Dallas Stars because he's been a pro at turning borrowed money into handsome profits.

Few could match the tall Texan's ability in the world of leveraged corporate buyouts, and he used that wealth to become a force in the world of professional sports. He's not just the owner of both Major League Baseball and NHL franchises in a big U.S. market, but also half-owner of the top-tier English soccer club Liverpool.

Now, though, Hicks' borrowing has clouded his future with the Rangers and the Stars, after he defaulted last month on $525 million in loans tied to the teams. Liverpool isn't caught in the same mess, but the club's indebtedness has drawn the ire of British lawmakers, who said major teams' borrowing amounted to "financial doping."

Hicks has said he defaulted on loans behind the Rangers and Stars to force lenders to renegotiate terms of the deals, calling it a "nonevent" for coaches, players, fans and the rest of the operations.

This could be the beginning of a big trend in pro sports.