Hicks looking to sell the Texas Rangers

Texas Rangers owner Tom Hicks and Major League Baseball are looking to sell the Texas Rangers to a new ownership group. Hicks, who may go down in history as one of the worst baseball owners ever, has gotten into a little hot water by missing a 10 million dollar debt payment to his creditors last March. These 40 some creditors won about 525 million dollars of debt from Hick’s sport management company which not only owns the Rangers but the Dallas Stars of the NHL.

Since missing that debt payment the MLB has supported the Rangers payroll. That fact alone should outrage not only Rangers fans but baseball fans in general. We must remember that Hicks is the guy who signed Alex Rodriguez to a 251 million dollar contract that was worth more than he paid for the entire team in 1998.

Of course Hicks will be quick to blame the economic slowdown for his failure to make his debt payment, but the Rangers have been a very bad baseball team in recent years (2009 excluded). Over the four years they have not had a winning season and that has led to their fans staying at home.

Now Hicks and MLB are trying to find a buyer for the club in the 600 million dollar range. Forbes sports money has the value of the Rangers listed at 405 million. They also do not own their ball park and have no interest in a regional sports network. Even though they are located in a good market the 600 million price tag is ridiculous. Hicks and MLB would be lucky to fetch 500 million for this team.