Flashback 10 years -- Tom Hicks buys the Mesquite Championship Rodeo for $10 million (whatever debt the rodeo had accrued since it's founding in 1958). Now, 10 years later, Hicks isn't getting a return on his investment and other investors are getting a deal.
Hicks closed a deal with Camelot Sports and Entertainment on Thursday for a sum less than that initial $10+ million paid for the Rodeo in 1999. Camelot will close the Rodeo in May for renovations, then re-open with new video screens and enhanced fan areas, the Dallas Morning News reports.
With the Rodeo off Hicks' list of ownership, the beleaguered sports investor can move on to his goals of selling minority stakes in the Rangers and Stars franchises and get out of his $525 million in defaulted loans.
Experts said deals with lenders could mitigate any lasting damage to the Hicks portfolio...but if he's selling large chunks before those deals are reached, it looks like the fat stack of sports franchises in his pocket could continue to thin.