Before Wednesday night's Texas Rangers game against the New York Yankees, Rangers and Dallas Stars owner Tom Hicks told the attending press that he would be open to selling a majority a share of the Rangers franchise.
"I am selling part of the Rangers. I don’t know how big of a part. Yes, I’d be open to selling more than a minority share, but it depends on who the partners are", Hicks said.
"My family and I want very much to stay involved with the club, but we understand that we may have to be open to solutions that may include partners who own a controlling interest in the Rangers," Hicks said in a statement. "That is not our preference, but there are some potential buyers who won't consider having only a minority interest. Personally, it's a difficult issue for us, however, we must look at those alternatives because that's in the best interest of the franchise, the fans and everyone associated with the Rangers."
This comes just a few months after the news broke that the Hicks Sports Group, the company that owns both franchises, had defaulted on nearly $525 million in loans. Hicks then stated that he is seeking investors for up to "49% of a minority share in both franchises."
Yet with Wednesday's new development, it became unknown just how his mind might have changed regarding the Dallas Stars. Hicks answered those questions and more in an email he sent out to the Associated Press.
"With the right partners, I would be willing to sell a controlling interest in the Rangers. Not so with the Stars."
Hicks purchased the Rangers in 1998, two year after buying the Dallas Stars. The franchise is valued somewhere between $400-$500 million, although Hicks has stated it is worth upwards of $625 million.
It makes sense that Hicks would be more willing to hold onto the Dallas Stars franchise. It is consistently in the top five in the NHL in total revenue and has been a profitable franchise year after year. This is also a "buyers" market for someone interested in the Rangers, especially with HSG against the ropes financially and the economy in the midst of a recession.
Let's just wait and see if he changes his mind again, however.