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-   -   Stars refinance debt; close book on Hicks era (http://hfboards.hockeysfuture.com/showthread.php?t=1329291)

LadyStanley 01-21-2013 02:40 PM

Stars refinance debt; close book on Hicks era
 
http://aol.sportingnews.com/nhl/stor...ks-nhl-lockout

Quote:

The Dallas Stars refinanced $95 million, sources said, closing the long book on the troubled history of the debt of Hicks Sports Group.
...
Not one of the original Hicks Sports lenders came out whole, sources said, and the second lien lenders, representing about $75 million, got nothing back, making the deal one of the worst in sports finance annals.

The Stars deal is a fairly straightforward refinancing. Four banks, led by Bank of America, lent the Stars the money to repay roughly three dozen lenders who held the debt. In addition to Bank of America, HSBC, Comerica and Spanish bank BBVA are part of the new syndicate.
Total Hicks debt was in range of $600mm.

No Fun Shogun 01-21-2013 02:57 PM

It takes a special kind of incompetency to take a successful southern franchise, near or in the top 10 of the NHL in revenues for a significant port of their time in Dallas, and practically overnight turn it to shambles by overextending oneself dramatically.

Hicks was that man. He essentially buried the team under a mountain of debt to help him afford other things.

Stickmata 01-21-2013 09:47 PM

Quote:

Originally Posted by No Fun Shogun (Post 58026861)
It takes a special kind of incompetency to take a successful southern franchise, near or in the top 10 of the NHL in revenues for a significant port of their time in Dallas, and practically overnight turn it to shambles by overextending oneself dramatically.

Hicks was that man. He essentially buried the team under a mountain of debt to help him afford other things.

So the fact that Dallas fans abandoned the team in droves as soon as they stopped winning had nothing to do with the demise of the franchise? Hard to make money, regardless of how you financed something, when you're at 55 percent of capacity at best most nights.

berklon 01-21-2013 10:20 PM

Quote:

Originally Posted by Stickmata (Post 58059723)
So the fact that Dallas fans abandoned the team in droves as soon as they stopped winning had nothing to do with the demise of the franchise? Hard to make money, regardless of how you financed something, when you're at 55 percent of capacity at best most nights.

Agreed.

The cry of "bad ownership" is always used when a team sucks and the fans run away. Even though the same owner, as per Wikipedia: "won seven Division Championships, two Western Conference crowns, two Presidents' Trophies as the team with the best regular season record, two consecutive trips to the Stanley Cup Finals and the 1999 Stanley Cup Championship."

They start sucking and then the fans bail.
Newsflash... not every team is going to be good. Every team goes through lean years - it's part of sports. There are plenty of franchises that would LOVE to have Dallas' successes, yet the suck for worse for much longer and they still manage to turn a profit because the fans, you know, actually like the sport.

Way too many excuses for poor fan support in this forum.

IU Hawks fan 01-21-2013 10:33 PM

Oh please.

This guy ran the Stars, the Texas Rangers, and Liverpool into the ground. That's not 1, but 3 teams!!!

Fans not showing up doesn't get you to debt in the half billions :shakehead

IU Hawks fan 01-21-2013 10:36 PM

Quote:

Originally Posted by berklon (Post 58062139)
Agreed.

The cry of "bad ownership" is always used when a team sucks and the fans run away. Even though the same owner, as per Wikipedia: "won seven Division Championships, two Western Conference crowns, two Presidents' Trophies as the team with the best regular season record, two consecutive trips to the Stanley Cup Finals and the 1999 Stanley Cup Championship."

They start sucking and then the fans bail.
Newsflash... not every team is going to be good. Every team goes through lean years - it's part of sports. There are plenty of franchises that would LOVE to have Dallas' successes, yet the suck for worse for much longer and they still manage to turn a profit because the fans, you know, actually like the sport.

Way too many excuses for poor fan support in this forum.

Using on ice success as justification is working against you here, as it shows you really don't understand the business and the situation Hicks put them in...

No Fun Shogun 01-21-2013 11:44 PM

Quote:

Originally Posted by Stickmata (Post 58059723)
So the fact that Dallas fans abandoned the team in droves as soon as they stopped winning had nothing to do with the demise of the franchise? Hard to make money, regardless of how you financed something, when you're at 55 percent of capacity at best most nights.

No, actually attendance dropped as soon as news broke over how badly he was ****ing things up, not when they started underperforming.


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