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Tom Hicks just missed being the owner of a champion

Oct 26, 2010, 11:33 AM EDT

Tom Hicks

Richard Durrett caught up with recently-deposed Rangers monarch Tom Hicks, who has a bit of a sad over all of this World Series’n, saying “I’m happy, but it’s bittersweet. There’s no denying that.”

Hicks takes some pride in what’s going on too, even if he’s not in charge anymore. And he probably should, as Durrett notes. He hired Jon Daniels. He hired Nolan Ryan. On the baseball operations side of things, Hicks did no real harm after recovering from the A-Rod contract. Hicks’ issues really began when he started saddling the organization with debt in order to finance all manner of other things like real estate development and whatnot.

Maybe there’s a lesson in there somewhere.

  1. beanster71 - Oct 26, 2010 at 12:09 PM

    Tom Hicks made his fortune in private equity, which is the polite term for old fashioned 80’s style leveraged buyouts – putting in as little equity and as much debt as possible to maximize returns to his investors. And when it didn’t work out, he could walk away and leave the creditors and employees holding the bag. It’s no surprise that he structured the Rangers deal in the same way.

    It’s great and admirable to see the Rangers as an organization bounce back – in the same season, no less – but many organizations that go through this process do not have such happy endings, and rarely make the headlines. And don’t get me started on the extremely favorable tax advantages for private equity firms and their partners.

    Sympathy for Mr. Hicks? No, thank you.

  2. fordman84 - Oct 26, 2010 at 3:10 PM

    Screw Tom Hicks. The Rangers are winning now IN SPITE of what that scum bag did to our team. For 1.5 years I avoided the park, watching from home every night in order to keep Hicks from getting one penny from me. I still remember him saying “We’ll increase payroll when people start coming out to the games”. Not how it works Tommy, put a product on the field that I want to see, and I’ll come out.

    I’m glad he’s gone. If he were around when we made the WS he would be pocketing all this money and not spending a dime on the future, then would raise the asking price by some ungodly amount to sell it. All of that TV money would go right into his pocket too, and I’m sure he would borrow against it as well. That guy is scum and I hope he loses everything.

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