News agency Bloomberg reported that JPMorgan is the agent for investors that loaned money to Rangers owner Tom Hick’s company, HSG Sports Group. According to the terms of the loan to HSG, certain units and affiliates would help pay parts of the loan if necessary.
HSG was obliged to repay the full amount, but the team was only liable for $75 million. Transferring the lease of the stadium from HSG to Texas Rangers made it harder for lenders to recoup at least $411 million.
JPMorgan is asking the judge to declare the transfer null and void as it violated the mortgage on the property. The lease on the stadium is collateral for the loan, according to court documents.
Last week Mark Cuban, owner of National Basketball Association team Dallas Mavericks expressed his interest in bidding for Rangers.
