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Tom Hicks, the owner of the Texas Rangers baseball team and the Dallas Stars NHL franchise, has defaulted on a $525 million loan related to the teams.
Hicks has downplayed the importance of the default, saying that it's just a bargaining tactic to bring the lenders back to the bargaining table to negotiate better terms. But industry experts tell The Associated Press that that's unlikely to be the full extent of it. A default on a loan is usually a sign of serious financial problems, but analysts think that Hicks has enough equity in his teams to maintain control -- even if he does end up selling minority stakes to outside investors.
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