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April 21, 2010

Tom Hicks: No timeline for Rangers sale to be completed

Tom Hicks said the sale of the Texas Rangers is at a very delicate stage and that the 40 lenders who hold Hicks Sports Group debt are seeking higher bidders before they will approve the deal in place with a group headed by Chuck Greenberg and Nolan Ryan.

"This will be resolved one way or the other," Hicks said. "I'm concerned about it. We've received information that as things stand it will not be approved."

Hicks distanced himself from responsibility for getting the deal done, saying it's up to Greenberg and Major League Baseball to find a way to satisfy the lenders who are holding out. Monarch Alternative Capital is leading the holdouts.

Greenberg was not immediately available for comment, but his forecast of a closing the week apparently won't happen.

"I hope it gets sorted out soon," Hicks said. "It's still not worked out. It has to get worked out."

-- Jeff Wilson

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Comments

Jeff --

It sounds like Major League Baseball would have to approve any other group the lenders would prefer to have buying the team - is that correct? Is it possible that MLB could say - we will only allow the sale to the Greenberg/Ryan group - and if the lenders refuse to sign off on that - if HSG or (God forbid) the Rangers go into bankruptcy - then would the lenders not get anything from the sale?

EMC

I think it's safe to assume that Hicks' friendly chat with the media Wednesday was pure PR and mostly inaccurate. Now that MLB says it's in control, I don't think anything Hicks says will carry any weight.

With this throw-them-under-the-bus attitude coming from Hicks toward Greenberg/Ryan, is there any chance of Hicks getting bounced from what would be his minority stake in the team? I hope so. The guy is an albatross.

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