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Thursday, January 8, 1998
Billionaire Tom Hicks buys Texas Rangers
By DENNE H. FREEMAN / AP Sports Writer
ARLINGTON, Texas (AP) -- Billionaire businessman Tom Hicks,
who already owns the NHL Dallas Stars, is leading a group buying
the Texas Rangers for a reported $230 million to $250 million.
The sale also includes the lease for The Ballpark in Arlington
and ownership of an office building and restaurant in the stadium,
more than 300 acres of nearby land and the option to buy more
adjacent property.
The price for the team alone wasn't detailed, but it appears
to be the most paid for an AL franchise, and second-most in baseball
history. Fox Sports, a division of Rupert Murdoch's News Corp.,
is awaiting approval to buy the Los Angeles Dodgers for about
$350 million.
The deal can't be finalized until receiving approval by three-fourths
of the AL owners and a majority of the NL owners. The approval
process likely will take 6-to-12 months.
In 1989, the Rangers, Arlington Stadium and some surrounding
property were bought for $83 million by a group of 28 investors
headed by George W. Bush. Their deal kept then-owner Eddie Chiles
from selling the team to another group that would've moved the
Rangers to Tampa, Fla.
Led by Bush, the Rangers convinced Arlington taxpayers to finance
a $189 million stadium that opened in 1994. Since Bush was elected
governor in 1994, team president Tom Schieffer has run day-to-day
operations.
The new stadium and the team's first playoff appearance in
1996 led to a record attendance of 2.9 million last year despite
a losing record.
Hicks, 51, built his billion-dollar empire during the last
two decades through a series of leveraged buyouts and other high-finance
deals. In recent years, he's been buying radio and television
stations, including spending $1.7 billion last August on LIN Television,
which owns the rights to Rangers broadcasts through the 2000 season.
Hicks moved from the business pages to the sports section in
December 1995 when he bought the Stars for $82 million.
As a sports franchise owner, Hicks has been hands off, leaving
the Stars' hockey people in place and allowing them to run the
team. He's consulted only on contractual matters, but he doesn't
say no very often, allowing the payroll to increase from $18 million
to $31.7 million.
His formula has worked. In 25 months, the Stars have gone from
22nd in the 26-team league to No. 1.
"I think you'd have to say he's our MVP," team president
Jim Lites said. "Everything we're doing now is a direct reflection
on what he's done."
Behind the scenes, Hicks has become something of a power broker.
As a regent at his alma mater, the University of Texas, he
was instrumental in removing football coach John Mackovic and
hiring Mack Brown last month. Hicks also has been personally involved
in trying to get Dallas taxpayers to help build a downtown arena
for the Stars and NBA's Mavericks.
A vote will be held Jan. 17. Opponents say Hicks' spending
so much on the baseball team while asking taxpayers for $125 million
to build an arena could be the fatal blow to the measure.
The franchise's direction changed dramatically under the Bush-fronted
ownership group, the team's fourth since the Washington Senators
moved to Arlington to become the Rangers in 1972.
Nolan Ryan joined the team in 1989 and was an immediate drawing
card. He is credited with legitimizing the franchise during his
five years, putting the Rangers in the headlines with his 5,000th
strikeout, 300th victory, and sixth and seventh no-hitters.
Ryan's last season was also the team's final one in Arlington
Stadium. Since moving to The Ballpark, the team's highlights have
included a perfect game by Kenny Rogers in 1994, hosting the All-Star
Game in 1995 and getting to the playoffs in 1996.
Along the way, the Rangers have become solid contenders in
the AL West. They won the division in 1996 and saw Juan Gonzalez
voted MVP, Johnny Oates voted co-manager of the year and Melvin
selected executive of the year.
Texas has a core of talent under contract for several years.
Gonzalez's contract lasts through 1998 with options through 2000;
closer John Wetteland, the 1996 World Series MVP, is signed through
2000; and six-time All-Star catcher Ivan Rodriguez signed a five-year
deal this past summer.
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