Texas Rangers Sue Ex-Owner Over Real Estate Deals

Law360, New York (August 15, 2011, 7:24 PM EDT) -- The bankrupt Texas Rangers sued erstwhile owner Thomas Hicks in Texas state court Monday for allegedly breaking his fiduciary duty by using team funds to buy land for lucrative real estate deals.

Hicks, who bought the Rangers in 1998, used team money to purchase parking lots and roads surrounding Rangers Ballpark in Arlington for his entity, Ballpark Real Estate LP, according to the suit. The purchased land now generates millions of dollars each year in parking revenue for events at the Rangers' stadium and nearby Cowboys...
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