Author Topic: Liverpool owner Hicks selling Texas Rangers shares  (Read 301921 times)

Offline HarryLabrador

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #160 on: April 3, 2009, 04:46:31 pm »
Rangers/Stars Owner Tom Hicks: “We Want The Banks To Be Reasonable”
Posted on April 3rd, 2009 10:10am by Evan Grant
Filed under Bullpen, Dallas Stars, Sports business, Texas Rangers

Rangers/Stars owner Tom Hicks said he is asking bank lenders “to be reasonable” regarding the interest payment on more than $500 million in loans relating to the two clubs and the assets of Hicks Sports Group.

Before we go any further, we should probably explain to our British friends that Liverpool Football Club is not among the HSG holdings and neither are any of Hicks’ other business interests.

An interest payment was due on March 31, but Hicks said Friday that HSG had elected not to make the payment. HSG is in the process of trying to negotiate with the 40 lenders to allow it to make the interest payment out of the interest reserve provision. Hicks must get approval from the banks that hold 51 percent of the loans to approve such a deal.

The banks, however, could place the loans in default early next week if a re-negotiation in terms is not reached.

“We’re optimistic that a satisfactory resolution will come together in the next couple of weeks with our lenders’ cooperation,” Hicks said by phone Friday morning. “The important thing is that none of this impacts either team or the fan experience at either venue. We’re prepared to fund the operations of both clubs for the next 12 months while we continue to seek additional investors.”

Hicks announced last week that he was seeking to sell up to 49 percent of both the Rangers and Stars. Such a sale could add between $400-500 million in cash to the HSG reserves.

A financial website, citing unnamed sources, reported Friday morning that Hicks defaulted on a $350 million bank term loan, $100 million second-lien loan and a $75 million revolving credit facility.

“We just would like the banks to be reasonable and hope they will go along with our proposal,” Hicks said. “We’ve built two great teams, one with a great future and one that has been the most profitable and successful NHL franchise in the southern United States. We’ve built a great arena that is Dallas’ version of Carnegie Hall and Madison Square Garden all rolled into one. This is a short-term issue about a lot of long-term value.”

http://insidecorner.dmagazine.com/index.php/2009/04/03/rangersstars-owner-tom-hicks-we-want-the-banks-to-be-reasonable/
« Last Edit: April 3, 2009, 04:50:15 pm by HarryLabrador »
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Offline No666

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #161 on: April 3, 2009, 04:50:08 pm »
So he's still bullshitting, the Texan equivalent of fiddling while Rome burns.

Offline shelovesyou

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #162 on: April 3, 2009, 04:51:25 pm »
Rangers/Stars Owner Tom Hicks: “We Want The Banks To Be Reasonable”
Posted on April 3rd, 2009 10:10am by Evan Grant
Filed under Bullpen, Dallas Stars, Sports business, Texas Rangers

Rangers/Stars owner Tom Hicks said he is asking bank lenders “to be reasonable” regarding the interest payment on more than $500 million in loans relating to the two clubs and the assets of Hicks Sports Group.

Before we go any further, we should probably explain to our British friends that Liverpool Football Club is not among the HSG holdings and neither are any of Hicks’ other business interests.

An interest payment was due on March 31, but Hicks said Friday that HSG had elected not to make the payment. HSG is in the process of trying to negotiate with the 40 lenders to allow it to make the interest payment out of the interest reserve provision. Hicks must get approval from the banks that hold 51 percent of the loans to approve such a deal.

The banks, however, could place the loans in default early next week if a re-negotiation in terms is not reached.

“We’re optimistic that a satisfactory resolution will come together in the next couple of weeks with our lenders’ cooperation,” Hicks said by phone Friday morning. “The important thing is that none of this impacts either team or the fan experience at either venue. We’re prepared to fund the operations of both clubs for the next 12 months while we continue to seek additional investors.”

Hicks announced last week that he was seeking to sell up to 49 percent of both the Rangers and Stars. Such a sale could add between $400-500 million in cash to the HSG reserves.

A financial website, citing unnamed sources, reported Friday morning that Hicks defaulted on a $350 million bank term loan, $100 million second-lien loan and a $75 million revolving credit facility.

“We just would like the banks to be reasonable and hope they will go along with our proposal,” Hicks said. “We’ve built two great teams, one with a great future and one that has been the most profitable and successful NHL franchise in the southern United States. We’ve built a great arena that is Dallas’ version of Carnegie Hall and Madison Square Garden all rolled into one. This is a short-term issue about a lot of long-term value.”

http://insidecorner.dmagazine.com/index.php/2009/04/03/rangersstars-owner-tom-hicks-we-want-the-banks-to-be-reasonable/

I might send him a copy of this .......

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Offline No666

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #163 on: April 3, 2009, 04:54:17 pm »
Ramifications for us need explaining. Where is WaltonRed when you need him? (Fairweather fan, why does he have better things to do than live on RAWK like credit-crunched me?)


Offline lfctitch

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #164 on: April 3, 2009, 04:55:18 pm »
So to recap:

- Hicks can't afford to pay interest on loans on the Dallas Stars or Rangers
- Can barely afford the interest for Liverpool football club, and certainly can't afford to pay of any of the loan
- Already defaulted once on interest payments on his American sports teams; and with City on the up, Villa on the up, and us needing champions league football each season to maintain the interest payments.

Would RBS really refinance a man who defaults on loans? A man who promises big and delievers nothing?

What happens when he defaults on the loan for Liverpool RBS? Do not refinance this man. Listen to what's going on; you have to be responsible, this is tax payers money now!

Offline lfctitch

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #165 on: April 3, 2009, 05:04:49 pm »
Rangers/Stars Owner Tom Hicks: “We Want The Banks To Be Reasonable”

We want the banks to be reasonable to Hicks; don't mess with TAX PAYERS MONEY that's what I say. 

Offline redprodigal

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #166 on: April 3, 2009, 05:09:23 pm »
Not sure if its been posted on here but a poster TLW who said contracts ould be sorted for Gerrard , Kuyt ,Aurelio ,Agger and Torres this week has also said this :

Agger's contract delay was due to a payment to his father who acts as his agent, so assumptions are that the issue has been resolved.

Not only is Torres signing (and apparently its a new 5 year deal, not a 3 year extension as previously stated), so are Gerrard, Kuyt and Aurelio.

Now the interesting news is with regards to the ownership.

The news is that Hicks is 100% staying. Gillett is almost definately leaving and the rumours are that the Kuwaitis will be coming in as 70% owners. What is being discussed is how the board will be put together.

Hicks wants to remain in control (despite only retaining a 30% share), and I hear that the Kuwaitis are willing to accept that, which seems strange to me.

Hicks is apparently willing to put in 25m for the transfer budget and wants Gillett to do the same. Gillett is skint, and Hicks is trying to use this to force his hand.

On the transfer front, Ribery, Robben, Eto'o and Villa are all on the radar, although a lot depends on the budget.

Up for sale: Babel, Dossena, Benayoun, Degen, Voronin and ALONSO!

Barry coming for 8m, but no other confirmations, although the centre back position is one he's still looking to strengthen. My guess would be at Hyypia's expense, if Agger does sign, as expected

Thanks for the info mate but hopefully and probably the biggest load of bollocks ever.
Kuwait owning 70% and allowing the Texan to run things,  ;D
Getting Barry in and letting Xabi go  :lmao
Please God, no.

Offline redprodigal

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #167 on: April 3, 2009, 05:11:17 pm »


Rangers/Stars owner Tom Hicks said he is asking bank lenders “to be reasonable” regarding the interest payment on more than $500 million in loans relating to the two clubs and the assets of Hicks Sports Group.

Before we go any further, we should probably explain to our British friends that Liverpool Football Club is not among the HSG holdings and neither are any of Hicks’ other business interests.

http://insidecorner.dmagazine.com/index.php/2009/04/03/rangersstars-owner-tom-hicks-we-want-the-banks-to-be-reasonable/


Jesus, he is up to his kneck in it isn't he  :lickin

Offline Parpello

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #168 on: April 3, 2009, 05:17:27 pm »
I'd like to hear from our financial guru's, who've waxed lyrical about G&H's chances of refinancing in July.

Would the latest news regarding Hicks' defaults alter your opinion?

Offline lfctitch

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #169 on: April 3, 2009, 05:22:47 pm »
I think what RBS have to weigh up is what the best option is for them?

- Get out now, and risk losing lots of money on a buyer looking for a good deal
- or the chance that Liverpool's debt could grow, and the loan be defaulted completely, thus loosing more money for RBS

Also after the backlash in London (towards RBS in particular) by thousands of protesters; you would imagine RBS have to weigh up each deal closely. Its Tax Payers money going in now, and they have to decide whether they would want something like Liverpool football club ballsing up completely because they leant money to 2 sharkers; wouldn't look good for them once again, and could lead to more bad PR.

I honestly think if somebody comes in with a bid now, RBS would have to say to Hicks and Gillett take it, because we are not allowing refinance. RBS have there hands tied at the moment, the negative PR towards them, could see them go under, if people start to pull the plug on them.

Offline fry

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #170 on: April 3, 2009, 05:37:55 pm »
I think it is fair to say that hicks is not in the good financial position that some have made out. 
Disclaimer: The above post may not be based on facts even if stated as fact.

Offline 4pool

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #171 on: April 3, 2009, 05:39:07 pm »
So Kop Holdings isn't a subsidiary of Hicks Sports Group? We hope.

Is right because it's a seperate group due to Gillett owning half the team.

So all the loans through Kop Holdings is seperate than anything Hicks does with Hicks Sports Group.
Either we are a club of supporters or become a club of customers.

Offline fry

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #172 on: April 3, 2009, 05:40:16 pm »
Is right because it's a seperate group due to Gillett owning half the team.

So all the loans through Kop Holdings is seperate than anything Hicks does with Hicks Sports Group.
so if it all goes tits up in america for him we are his only real business? 

Also, are these other business not related to his gurantees for the liverpool loan?
Disclaimer: The above post may not be based on facts even if stated as fact.

Offline 4pool

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #173 on: April 3, 2009, 05:44:10 pm »
so if it all goes tits up in america for him we are his only real business? 

I suppose that's one way of looking at it.

But I don't see any reason for it to go "tits up".

I would suspect the people at Hicks Holdings which is the parent Company to Hicks Sports Group and Kop Holdings have been working overtime renegotiating with banks over multiple loans.

I doubt seriously the banks want to call in the loans due to the financial mess the banks are in. But that's just my opinion. So those that owe the money, have income coming in ( ticket and tv revenue), are probably negotiating lower interest payments and new loans. And not just Hicks, other teams as well.
Either we are a club of supporters or become a club of customers.

Offline fry

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #174 on: April 3, 2009, 05:47:21 pm »
I suppose that's one way of looking at it.

But I don't see any reason for it to go "tits up".

I would suspect the people at Hicks Holdings which is the parent Company to Hicks Sports Group and Kop Holdings have been working overtime renegotiating with banks over multiple loans.

I doubt seriously the banks want to call in the loans due to the financial mess the banks are in. But that's just my opinion. So those that owe the money, have income coming in ( ticket and tv revenue), are probably negotiating lower interest payments and new loans. And not just Hicks, other teams as well.
Higher interest rates on his other loans could eat into any profit he is making at the moment over there rendering his interest stale.
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Offline No666

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #175 on: April 3, 2009, 05:47:26 pm »
Why would any bank give him lower interest rates and risk losing everything at the same time? Better just to call in the guarantees and flog the Rangers etc.

Offline shelovesyou

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #176 on: April 3, 2009, 05:48:56 pm »
I think it is fair to say that hicks is not in the good financial position that some have made out.

It does seem that way doesnt it , I cant believe the audacity of the man asking the banks to be reasonable !!!

Cheeky fat twat  :butt
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Offline fry

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #177 on: April 3, 2009, 05:49:02 pm »
Why would any bank give him lower interest rates and risk losing everything at the same time? Better just to call in the guarantees and flog the Rangers etc.
It would be good if obama laid the smack down on him.  Would be a poke in the eye to hicks, bushes best mate
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Offline lfctitch

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #178 on: April 3, 2009, 05:55:59 pm »
Also, are these other business not related to his gurantees for the liverpool loan?

I believe the guarantee's on kop holdings limited include HSG. Which would mean it could have some bearing. Both are scrounging around looking for buyers in all their teams. It looks like both are strapped for cash. I bet Gillett has a wee smile on his face this evening. As we all believed Gillett was being pushed out by the richer of the 2, now Gillett hand is looking about the same as Hicks.

Both have to go, and I believe that is what Gillett wants. He doesn't want Hicks to stay at Liverpool football club and make a profit, and him loose out on that profit. Hence both are dragging there heals.

- Hicks wants to be a minority investor
- Gillett wants out completely, but doesn't want Hicks here, so is waiting and dragging Hicks down with him

Offline lfctitch

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #179 on: April 3, 2009, 05:57:08 pm »
I think RBS might have one option, and that is to extend the loan for 6 months, and tell them that they have to find a buyer within 6 months (or finance with a different bank) - I highly doubt this news will allow Hicks/Gillett a long term financing deal.

Offline shelovesyou

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #180 on: April 3, 2009, 06:07:01 pm »
I believe the guarantee's on kop holdings limited include HSG. Which would mean it could have some bearing.

I dont thnk thats right to be fair , pehaps ttnbd can shed more light on it , but Im sure Kop Holdings is independant of any other comapanies owned by Hicks or Gillett . . . .
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Offline lfctitch

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #181 on: April 3, 2009, 06:10:55 pm »
I dont thnk thats right to be fair , pehaps ttnbd can shed more light on it , but Im sure Kop Holdings is independant of any other comapanies owned by Hicks or Gillett . . . .

Well the loan is £350 million, however at the time I believe the bank didn't value LFC at that value, and thus the rest had to have guarantees of other assets. Wasn't £105 million put on the club and the rest put on Kop holdings, which was both LFC and part of there other assets if they default?



Offline RedJam70

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #182 on: April 3, 2009, 06:11:11 pm »
I dont thnk thats right to be fair , pehaps ttnbd can shed more light on it , but Im sure Kop Holdings is independant of any other comapanies owned by Hicks or Gillett . . . .

Kop holdings is independent. But it may be that Hicks Sports Group has been used as collateral/guarantee for the RBS loan. I've read this before but not sure how true it is.

Offline ali

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #183 on: April 3, 2009, 06:14:08 pm »
I think RBS might have one option, and that is to extend the loan for 6 months, and tell them that they have to find a buyer within 6 months (or finance with a different bank) - I highly doubt this news will allow Hicks/Gillett a long term financing deal.

surely RBS/Wacky Banks would  have already done that when the loan was extended last January
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Offline coffeehead

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #184 on: April 3, 2009, 06:14:11 pm »
I dont thnk thats right to be fair , pehaps ttnbd can shed more light on it , but Im sure Kop Holdings is independant of any other comapanies owned by Hicks or Gillett . . . .
Yes Kop will be independent of HSG because it's a joint venture with Gillett. But Hick's share of any guarantees may well include parts of HSG. I'm assuming he hasn't put his private property etc up as collateral, for example.

(Pleased note the emphasis on 'may' to avoid protracted arguments)

Offline ttnbd

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #185 on: April 3, 2009, 06:16:01 pm »
I believe the guarantee's on kop holdings limited include HSG.

Based on what evidence? Or is it just an assumption you've made up now?

I would imagine this has little or no bearing on LFC.  If anything it probably has little impact on HSG as, if Hicks is being accurate here, they are asking the banks to use the reserve fund to pay the interest payments.  If this is the case then the reserve fund should cover them for the next 12 months atleast (and ties in with his comments about still funding the teams for the next 12 months).

The reserve fund is standard for large loan agreements (Arsenal have one).  In the loan agreements it usually states that the company must hold in a reserve account the equivalent of one years debt service payments that must not be touched for anything other than servicing the debt (at the banks allowance).  All it appears here is that HSG are asking to use that allowance for the payment due 31 March 2009.

The money is there, it's just that it's from the reserve account this time, if used.  Now whether they are then able to top that reserve back up before next year, and service the next debt payment remains to be seen but will likely explain the search to offload some of the equity in the teams.
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Offline fry

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #186 on: April 3, 2009, 06:21:07 pm »
Yes Kop will be independent of HSG because it's a joint venture with Gillett. But Hick's share of any guarantees may well include parts of HSG. I'm assuming he hasn't put his private property etc up as collateral, for example.

(Pleased note the emphasis on 'may' to avoid protracted arguments)
hicks would never put his own home and money into anything.  He plays risky games with other peoples money, banks and ours.  Never his own.  Hopefully he now gets his fat grubby fingers well and truly burned.
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Offline HarryLabrador

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #187 on: April 3, 2009, 06:21:48 pm »
Based on what evidence? Or is it just an assumption you've made up now?

I would imagine this has little or no bearing on LFC.  If anything it probably has little impact on HSG as, if Hicks is being accurate here, they are asking the banks to use the reserve fund to pay the interest payments.  If this is the case then the reserve fund should cover them for the next 12 months atleast (and ties in with his comments about still funding the teams for the next 12 months).

The reserve fund is standard for large loan agreements (Arsenal have one).  In the loan agreements it usually states that the company must hold in a reserve account the equivalent of one years debt service payments that must not be touched for anything other than servicing the debt (at the banks allowance).  All it appears here is that HSG are asking to use that allowance for the payment due 31 March 2009.

The money is there, it's just that it's from the reserve account this time, if used.  Now whether they are then able to top that reserve back up before next year, and service the next debt payment remains to be seen but will likely explain the search to offload some of the equity in the teams.

I was under the impression that interest reserves were provided for construction type loans. I can understand Arsenal having one because of the Emirates. I hasten to add my knowledge in this area is quite sparse.
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Offline fry

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #188 on: April 3, 2009, 06:24:01 pm »
Based on what evidence? Or is it just an assumption you've made up now?

I would imagine this has little or no bearing on LFC.  If anything it probably has little impact on HSG as, if Hicks is being accurate here, they are asking the banks to use the reserve fund to pay the interest payments.  If this is the case then the reserve fund should cover them for the next 12 months atleast (and ties in with his comments about still funding the teams for the next 12 months).

The reserve fund is standard for large loan agreements (Arsenal have one).  In the loan agreements it usually states that the company must hold in a reserve account the equivalent of one years debt service payments that must not be touched for anything other than servicing the debt (at the banks allowance).  All it appears here is that HSG are asking to use that allowance for the payment due 31 March 2009.

The money is there, it's just that it's from the reserve account this time, if used.  Now whether they are then able to top that reserve back up before next year, and service the next debt payment remains to be seen but will likely explain the search to offload some of the equity in the teams.
All based on hicks telling the truth.   lol
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Offline muleskinner

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #189 on: April 3, 2009, 06:25:08 pm »
Based on what evidence? Or is it just an assumption you've made up now?

I would imagine this has little or no bearing on LFC.  If anything it probably has little impact on HSG as, if Hicks is being accurate here, they are asking the banks to use the reserve fund to pay the interest payments.  If this is the case then the reserve fund should cover them for the next 12 months atleast (and ties in with his comments about still funding the teams for the next 12 months).

The reserve fund is standard for large loan agreements (Arsenal have one).  In the loan agreements it usually states that the company must hold in a reserve account the equivalent of one years debt service payments that must not be touched for anything other than servicing the debt (at the banks allowance).  All it appears here is that HSG are asking to use that allowance for the payment due 31 March 2009.

The money is there, it's just that it's from the reserve account this time, if used.  Now whether they are then able to top that reserve back up before next year, and service the next debt payment remains to be seen but will likely explain the search to offload some of the equity in the teams.

Is the money in the reserve security for the loan or is it usually part of the loan that is put aside at the time of borrowing?

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #190 on: April 3, 2009, 06:25:53 pm »

The reserve fund is standard for large loan agreements (Arsenal have one).  In the loan agreements it usually states that the company must hold in a reserve account the equivalent of one years debt service payments that must not be touched for anything other than servicing the debt (at the banks allowance).  All it appears here is that HSG are asking to use that allowance for the payment due 31 March 2009.


Does the loan agreement to buy Liverpool have a reserve fund?
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Offline shelovesyou

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #191 on: April 3, 2009, 06:30:15 pm »


The reserve fund is standard for large loan agreements (Arsenal have one).  In the loan agreements it usually states that the company must hold in a reserve account the equivalent of one years debt service payments that must not be touched for anything other than servicing the debt (at the banks allowance).



ttnbd , wouldnt the same apply to the loan with RBS ?

And I wonder if thats why they still have £60M untouched which was supposed to be used for the stadium
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Offline fry

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #192 on: April 3, 2009, 06:32:24 pm »
ttnbd , wouldnt the same apply to the loan with RBS ?
I think we used it already, is this not the same as rolling it up?  I dont know if it is true i dont have facts but there have been many suggestions we rolled up a one year payment.
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Offline lfctitch

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #193 on: April 3, 2009, 06:35:00 pm »
ttnbd , wouldnt the same apply to the loan with RBS ?

And I wonder if thats why they still have £60M untouched which was supposed to be used for the stadium

How can that be there reserve though, if its a loaned reserve? I don't get it...quite honestly.

Offline ali

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #194 on: April 3, 2009, 06:40:50 pm »
seems the Hicks Holdings website is down,  the Hicks Sports Group one is still up (LFC is in the list as a Sports Asset), Hicks Sports Marketing (LFC also listed) is still up


not the first time is it -

Monday, July 7, 2003
Southwest Sports defaults on loan
Dallas Business Journal - by Daniel Kaplan

Tom Hicks' Southwest Sports Group, which owns the Texas Rangers and Dallas Stars, is in default on $135 million of debt because of steeper than expected financial losses at the teams, four well-placed sources told Street & Smith's SportsBusiness Journal.

http://www.bizjournals.com/dallas/stories/2003/07/07/daily9.html


but it's for a much larger sum !
« Last Edit: April 3, 2009, 06:47:32 pm by ali »
for those of you watching in black and white Liverpool are the team with the ball

Offline HarryLabrador

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #195 on: April 3, 2009, 06:47:29 pm »
seems the Hicks Holdings website is down,  the Hicks Sports Group one is still up, Hicks Sports Marketing is still up


not the first time is it -

Monday, July 7, 2003
Southwest Sports defaults on loan
Dallas Business Journal - by Daniel Kaplan

Tom Hicks' Southwest Sports Group, which owns the Texas Rangers and Dallas Stars, is in default on $135 million of debt because of steeper than expected financial losses at the teams, four well-placed sources told Street & Smith's SportsBusiness Journal.

http://www.bizjournals.com/dallas/stories/2003/07/07/daily9.html


but it's for a much larger sum !

Thank you Ali. Leopard and spots...

Not only is the sum much larger, the climate is very very different now.

This extract from the article reminds us of the man himself again:

" Last September Hicks announced that he would sell the Stars and his 50% interest in the American Airlines Center. But after apparently finding no takers at the right price, said to be around $250 million, he pulled the team off the market several months ago.

Just before he disclosed he would try to unload the Stars, sources said Hicks won a financial amendment from his banks to temporarily lower some of the loan's financial hurdles.

That amendment expired June 15. With the Stars and their debt still sitting on Southwest Sports' balance sheet, the company went into default that day. Now the company will look to cure the default through the refinancing, and perhaps by aggressively slashing the Rangers' payroll. The Stars' payroll, ranked fourth in the NHL last season, could take a hit, too."
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Offline shelovesyou

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #196 on: April 3, 2009, 06:48:17 pm »
How can that be there reserve though, if its a loaned reserve? I don't get it...quite honestly.

Nor me mate , But im sure there is £60m about somewhere which was beig kept for the start of the stadium build , Im probably wrong hence why I asked ttnbd . . .
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Offline fry

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #197 on: April 3, 2009, 06:50:26 pm »
Thank you Ali. Leopard and spots...

Not only is the sum much larger, the climate is very very different now.

This extract from the article reminds us of the man himself again:

" Last September Hicks announced that he would sell the Stars and his 50% interest in the American Airlines Center. But after apparently finding no takers at the right price, said to be around $250 million, he pulled the team off the market several months ago.

Just before he disclosed he would try to unload the Stars, sources said Hicks won a financial amendment from his banks to temporarily lower some of the loan's financial hurdles.

That amendment expired June 15. With the Stars and their debt still sitting on Southwest Sports' balance sheet, the company went into default that day. Now the company will look to cure the default through the refinancing, and perhaps by aggressively slashing the Rangers' payroll. The Stars' payroll, ranked fourth in the NHL last season, could take a hit, too."

It makes me wonder why people attempt to deffend hicks finances given his negative track record
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Offline Tsar Kastik

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #198 on: April 3, 2009, 06:58:08 pm »
If there was an agreed 'reserve' set aside, how come Hicks didn't just lift the phone and tell the bank to trigger it off. In other words, how come it's out in the public domain?
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Offline fry

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Re: Liverpool owner Hicks selling Texas Rangers shares
« Reply #199 on: April 3, 2009, 07:02:37 pm »
If there was an agreed 'reserve' set aside, how come Hicks didn't just lift the phone and tell the bank to trigger it off. In other words, how come it's out in the public domain?
Good point, and why has hicks responded so quickly, if it was nothing to worry about why would he feel the need to pacify via the media.
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