Source: Daily_Mail
Former Liverpool co-owner Tom Hicks sued by Texas Rangers investors
Tom Hicks, who had an ill-fated reign as co-owner of Liverpool, is being sued by a group of former investors in the Texas Rangers baseball club he also used to own.[LNB] They claim he used the Major League club to enrich himself at the team's expense, ignoring team obligations and buying land for parking lots and roads instead.[LNB]In a suit filed in state court in Dallas, lawyers for the Rangers partnership are seeking to recover 'tens of millions' of dollars that Hicks 'wrongfully' took fromthe team to build 'a real estate empire onthe backs of the Texas Rangers' players and creditors and fans'.[LNB] In the dock: Tom Hicks is being sued for misspending Texas Rangers' money[LNB]Bankruptcy administrator Alan Jacobs says the wealthy investor 'stole' the fortune from the Major League franchise to acquire what are now highly lucrative parking lots near Rangers Ballpark in Arlington and Cowboys Stadium. [LNB]Jacobs claims at least $18million (?11m) was spent on the parking lots, violating Hicks' responsibility to act in the team's best interests, as required by baseball. [LNB]In all, some $30.5m (?19m) was misdirected, the suit said. [LNB]It argues that Hicks's behaviour was 'outrageous, malicious, fraudulent, grossly negligent or otherwise morally culpable' and that the Rangers were left insolvent 'without sufficient money to field a competitive baseball team'.[LNB] Accused: Investors say Hicks used the club to buy land for parking lots and roads [LNB]It also claimed that by taking funds from the Rangers, Hicks' real estate empire had the potential to make profits and shelter assets from lenders. [LNB]Hicks spokeswoman Lisa LeMaster rejected the lawsuit's claims and called the allegations 'absolutely untrue'.[LNB]'We welcome the opportunity to challenge these allegations in court,' she said. [LNB]The Rangers emerged from bankruptcy last year with new ownership, which is not involved in the suit.[LNB] Exit: Hicks and George Gillett (centre) sold Liverpool for ?300m last year[LNB]Hicks and fellow American George Gillettbought Liverpool in 2007, but were forced to sell in October last year after the club amassed a huge amount of debt, just months after he agreed to sell Texas Rangers.[LNB]Liverpool was sold to New England Sports Ventures in a gritty ?300m takeover.[LNB]In February a High Court judge in London cleared the way for Hicks to pursue a damages claim in Britain. [LNB]Butthe judge also dismissed attempts by Hicks's lawyers to block claims byMartin Broughton, the former chairman of Liverpool, who is also seekingdamages against Hicks for his actions while owner.[LNB] CLICK HERE TO SIGN UP FOR OUR FREE FANTASY FOOTBALL GAMELiverpool almost went bust after being loaded with debt, warns UEFA advisorSee you in court! Broughton plans legal action against Hicks and GillettLiverpool thrilled by verdict as former owner Hicks loses court battle All the latest Liverpool news, features and opinion[LNB]
