cmiller00 said:
IIRC the judge did not let Hicks partition off the parking lots.
$111MM is a lot of uncertainty. Hopefully they can do a deal with an accessible channel with a streaming option or something. Diamond probably paid too much but the station has been managed terribly.
According to this:
https://www.nbcdfw.com/news/sports/rangers-hicks-come-to-terms-on-parking-lots/1944921/Quote:
the Rangers have reached a multi-year agreement to operate the parking lots at Rangers Ballpark in Arlington owned by former owner Tom Hicks.
The agreement came a day after a judge approved a request from Hicks and the current ownership group, Rangers Baseball Express, that a lawsuit be dropped.
The Rangers sued Hicks for breach of contract over an agreement reached in May 2010. Hicks counter-sued, saying he wanted an outside vendor to operate the lots, which weren't included in the sale of the team.
The Bankruptcy judge had no say.
The lots were already separated and not part of the "team." This was back when the CBA and MLB required teams to spend within a certain amount (a minimum) of revenue. Hicks isolated revenue in order to minimize what was shown. I'm assuming but have no knowledge that the F&B was done similarly.
Is $111M a lot of uncertainty?! Sure.
In 2024, they are reported to receive $100M of the $111M
https://www.si.com/mlb/rangers/news/how-much-money-texas-rangers-lost-on-bally-bankruptcy-lost-revenue-diamond-sports-groupQuote:
Per USA Today, the Rangers' final agreement was for $100 million in 2024. The Rangers were set to receive $111 million as part of the 20-year, $3 billion deal they signed with Fox Sports Southwest in 2010.
It is a $11M deficit and is certainly something, in 2024. I haven't heard that Bally's has missed a payment or deficient. So, there is no $111M uncertainty for 2024. There is $11M less than they were originally contracted, but that was known before the season.
There is a question in the 2024 payments from BSG to the Rangers. I would assume there would be coverage if a payment was missed.
After 2024, the contract ends. The Rangers are open to negotiate 2025+. Is there uncertainty?! Sure. Will they get $111M? $100M?
If the Rangers are in July 2024 without a media plan for the 2025 season and we are in "uncertain times" regarding media revenue, we're in bigger trouble than $100M uncertainty.
My position is that much of the "being poor" is more theater than anything.
https://www.statista.com/statistics/193645/revenue-of-major-league-baseball-teams-in-2010/Shows the
Rangers are set for $425M in 2024. Is $11M a back-breaker?!
And yes, I agree the CBT thing is an issue. IMO, more than the Tax... it is the loss of prospect positioning.