Fort Worth Star-Telegram from Fort Worth, Texas • 17

TA A Section A Page 17 Star-Telegram Section A Pagt Thursday January 8 1998 L6 I I ry 8 1998L6 EllEi nosimmoomem Rangers Ran From Page 1 HICKS BUYING RANGERS Tom Rusty Schieffer deal better free 4 0 HICKS BUYING RANGERS 4 fr 0 tot t- lk le'' NA A )1 Tom 17 slIcuhsit ye deal 1 better i 1 free Tit 9- dis-t --e 1 1 1 1 I I Eddie Chiles all eventually had to sell because of severe personal financial troubles Those moves affected the team's performance on the field The current ownership headed by Bush and Rose bought the team in March 1989 and brought respectability and financial stability to the franchise mainly because of the opening of The Ballpark in 1994 Bush in a statement released yesterday said: "The announcement of the sale of the Texas Rangers is a bittersweet one have loved every minute of my involvement with the Texas Rangers and the one thing I have missed as governor is my close association with baseball On the other hand my partners have made a decision that is good for the Texas Rangers good for Rangers fans and good for the future of baseball" Schieffer said he did not approach other potential buyers and Rose said there was no interest in holding an auction for the franchise "We've been a steward for this team and we're passing it on to a good steward" Rose said entually severe oubles team's head)ught the I brought icial sta mainly of The released mounce- Le Texas et one I te of my Texas rig I have my close On the ers have good for ood for I for the did not LI buyers was no Iction for ward for lassing it Rose Hicks left Rose and Tom hope the gives the club a chance to sign agents ga of the world champion Florida Marlins Flicks "People Rose and Tom that are leavffer hope the ing the the club a try are not sitr chance to sign ting in the gents kind of stadium we're sitStar-Telegram ting in today" RICK MOON Hicks said "Great teams with great facilities will continue to prosper" Much of the increased revenue needed to compete in baseball will come from developing the property around The Ballpark and Six Flags Hicks said The Walt Disney Co has shown that family entertainment is the wave of the future and he foresees more hotels restaurants and office buildings being built on the property "I think we can build one of the world's finest entertainment and destination sites" Hicks said "I think this is a great investment for us" Hicks if approved will become the fifth owner in Rangers history The first three Bob Short Brad Corbett and ga of world pion Fl Marlins Hicks left el Rose hoapnehdt Teo that are ff gives the club a th i chance to sign try are ting in agents kind of um we'l Star-Telegram ting in t( RICK MOON Hicks "Great 1 with facilitie continu the Texas Schieffer said "The fastest and easiest way to take it to the next level is by selling the team to Tom Hicks He has the capital and he has the multiple entities to make it a bigger company" Hicks is entering an industry beset by labor problems skyrocketing salaries and loss of public confidence stemming from the devastating 1994 players strike There is also no indication that a commissioner will be hired soon Baseball's troubles have caused a number of prominent owners to sell out including Peter O'Malley of the Los Angeles Dodgers and Wayne Huizen and better Tom will give us access to capital that we haven't had before" Hicks said the Rangers must still operate profitably But he also said he is willing to do what it takes to win and cited the Stars' signing of free agent Ed Belfour one of the National Hockey League's top goalkeepers in the off-season last year as an example "I'll sit down with the management of the Rangers and discuss what we can do and what resources we need to have the most competitive team" Hicks said The Rangers had a payroll of approximately $54 million last year the seventh highest in baseball The Yankees led with a payroll of more than $68 million and Hicks does not foresee the Rangers ever having the highest "Not as long as George Steinbrenner is in baseball" Hicks said of the free-spending owner of the New York Yankees Schieffer said Hicks should have no trouble getting approval by major-league baseball's owners but said it could be a lengthy process Schieffer said it probably won't be done by March 31 opening day for the 1998 season but some time during the season Until then major-league baseball rules require the franchise be run by the current ownership group The sale must meet approval of the eight-member ownership committee and be approved by three-quarters of the American League owners and a majority of the National League owners Negotiations began about six months ago when Hicks approached Schieffer about the possibility of merging the Stars and the Rangers to create a year-round entertainment enterprise Schieffer said Hicks didn't make a formal inquiry the subject evolved from broader discussions about the trends in sports "We talked about the potential )etter Tom will give us to capital that we haven't efore" cks said the Rangers must )perate profitably But he aid he is willing to do what zes to win and cited the signine ng of free agent Ed ur of the National ey League's top goalkeep- 1 the off-season last year as ample 11 sit down with the man- ent of the Rangers and what we can do and what irces we need to have the competitive team" Hicks ing overlooking center field 43 ages of property and options to buy an additional 227 acres of undeveloped real estate 'picks said purchasing the Rangers is unrelated to the effort Stars and the Mavericks to build a new arena in downtown Dallas He declined to speculate on: the possibility of the Stars moving to Arlington because he predicted Dallas voters will approve a new arena in the Jan 'These are two separate issues" Hicks said trom Schieffer will remain as thi Rangers' president and Hibks said he will be given an opportunity to buy back into the team as a minority partner as will general partner Edward "Rusty" Rose Gov George Bilsh who stepped down as mgnaging general partner after hi election when his shares were put into a blind trust and partners are out -licks signaled his support for geheral manager Doug Melvin manager Johnny Oates saying he foresees little change in th4 club's baseball operations That's the same approach Hicks took with the Stars leaving Jim 'ties as president and Bob Gainey as general manager after he bought the franchise "We keep folks in place who arO good managers who make god decisions and want to win" Hicks said "Those are the qualities I see in them" l3ut right now Hicks is buying the entire franchise with his own money with the intent of turning the team combined with his: other business interests into a financial powerhouse in baseball "I think we've reached the point where if we're going to do mere we need more capital" Schieffer said "To remain peiitive we needed to get bigger turning the te his: other bus a financial p( ball "I think point where i more we ne Schieffer saic peiitive we Staff writer Mitchell Schnurman contributed to this report nurman sponsorship plays and the way you could package the media rights and that led us to the conclusion that it would make a lot of sense" to merge the teams Schieffer said The discussions eventually grew more serious but Hicks asked Schieffer to put them on hold because the negotiations over a proposed arena in Dallas were hitting a crucial stage When the talks resumed other hurdles surfaced Rose said that in a merger as opposed to an outright sale it was difficult to agree on a price tag Other obstacles according to Schieffer were: Who would control the merged entity? How would the board seats be divided between Hicks and the Rose camp? And how would the team compensate some minority owners who were ready to cash out? On the day after Christmas Jeffrey Marcus chairman of Marcus Cable and an investor with both Hicks and the Rangers arranged a meeting with Hicks Rose and Schieffer That's when Hicks put a new offer on the table: Rather than pursue a merger why not sell him the team outright? His $250 million bid eventually pushed the deal over the top Schieffer indicated but he said it was also clear that the team needed new blood to move ahead "We asked ourselves 'How can we reach the full potential of ga 0 11 1 I 0 1 I 1 (4- i 1 i i 1 COMPLETE COLVIPUTEll PAC1111013 IfrikTdaTMIF-rtimdIEREEIRFriffirril FREE lexmark Color Printer A $13999 Value! -e 02061 'Hard Drive 166MHz II Al6MBIk RAM Processor with MMXrm Technology 4116xlith vCD-ROM 1 I I t'14 GB 114 44' I 1 41111 Drive 1:1 7 11 4V i 1 ''i Processor 411tAmMBO With MeedsisaGoXr 44 Technology 1ig4 -c k- :11 I -I iv8i I 1 -4 i 1 i 4336K1116 gito ---i'-' Data1 41 I 4K Fax 7 Modem 44 7 -r' i 4 1 '4iZ'4: I i 444141444-CE' '1ILA 1 AIVr dP: 41r 'APCM04i- '41044m '737 an1740 7 410ZAW' tF istoor orZ6 I i 1 1 iier4m: 47 a I 1 40336K gob Data140 Fax "6 Modem It i sAG SeDME SKYMILESo OME JjI I I I 1 k-I4- 11 intetio inSillv Pnthigr 11 Multimedia Computer Monitor FREE Printer! nter! 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