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Stars refinance debt; close book on Hicks era

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01-21-2013, 02:40 PM
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LadyStanley
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Stars refinance debt; close book on Hicks era

http://aol.sportingnews.com/nhl/stor...ks-nhl-lockout

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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.

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

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01-21-2013, 09:47 PM
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Originally Posted by No Fun Shogun View Post
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.

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01-21-2013, 10:20 PM
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Originally Posted by Stickmata View Post
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.

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01-21-2013, 10:33 PM
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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

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01-21-2013, 10:36 PM
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Quote:
Originally Posted by berklon View Post
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...

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01-21-2013, 11:44 PM
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Quote:
Originally Posted by Stickmata View Post
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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