Rangers' Losses Aren't Limited to the Field

The Texas Rangers have lost 2 percent of their value since last year, according to Forbes magazine.

The team is ranked No. 15 in value out of all Major League Baseball teams, the magazine said. And the Rangers aren't alone: 10 teams declined in value, the most since 2004, according to Forbes.

With a value of $405 million, the Rangers saw a 2 percent change in value from 2008, when the team was worth $412 million.

The Tom Hicks company that owns the Rangers and the Dallas Stars has defaulted on about $525 million in loans.

Hicks, who is trying to renegotiate the debt, did not make a quarterly interest-only payment that was due last month, Forbes said. According to the magazine, he is in talks with lenders to restructure it or pay it off if he gets enough investors willing to buy stakes in the teams.

Hicks also faces obligations related to his ownership of English soccer club Liverpool. He and George Gillett Jr. are coming up on a July deadline to refinance the loan that funded their takeover of the team two years ago.

Copyright AP - Associated Press
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