Hicks delays Glorypark due to “extreme conditions”

A press release issued in Dallas overnight UK time will add more weight to the claims that Liverpool FC co-owner Tom Hicks will not be able to find suitable finance to purchase the other half of the club from partner George Gillett.

The Glorypark project in Arlington, Texas, is to be delayed due to financial concerns.

The Dallas Morning News quotes Hicks as saying: “We’re in the most difficult credit crunch I’ve seen the last 20 years.”

The press statement, from Hicks Holdings, said that “financing and construction of a proposed mixed use development between Rangers Ballpark and the new Cowboys stadium in Arlington has been put on hold because of ‘extreme conditions’ in the country’s financial and retail markets.”

Glorypark, Arlington, TexasIt goes on to say that “the nation’s economic markets today have made it impossible to come to terms with lenders for Glorypark, a half billion dollar (approx £257m) project.”

Hicks Holdings’ development partners on this project are Steiner +Associates, and the statement says that S+A have “been unable to secure a firm and final commitment from an anchor department store.” It’s reported in the Dallas media that S+A have been in lengthy discussions with Dillard’s department stores.

Now, the statement says, “The developers do not plan to exercise a May 15, 2008 option to extend a letter of commitment to underwrite bonds for roads and parking garages. As a result, construction mobilization will not begin this spring as planned.”

Tom Hicks is quoted in the statement: “We have put an enormous amount of time and money into Glorypark. In the end, the dream can’t become reality without the right financial package. We will pursue alternative funding options and examine our reprogramming options.”

Hicks compared it to another project he was a partner in, the Victory Park project, a similar initiative sighted alongside the American Airlines Center, home of his Dallas Stars NHL side. “This is extremely disappointing to me, personally,” Hicks said. “It’s almost the exact situation we had at Victory when we were ready to go, but the financial markets were in deep trouble after 9/11. That’s when we had to regroup.”

Of the Victory Park project, the statement says: “After two years, Victory did re-emerge although the project has evolved and continues to evolve.” Last week Ross Perot Jr’s company announced their plans to build a 43-storey hotel on the Victory development were being delayed, also due in part to the condition of the financial markets.

Hicks said in the statement that the land between his Texas Rangers baseball stadium and the new Dallas Cowboys stadium would still be developed: “When my family purchased the Rangers, we pledged to invest in a development around the Ballpark. We are still committed to doing that, but we may have to re-examine what should be built and what actually can be built if the market conditions continue.”

Hicks said he contacted Arlington’s mayor, Robert Cluck, about their decision: “These events are in no way related to the City of Arlington. The city did absolutely everything possible to facilitate negotiations while, at the same time, protect the taxpayers’ interests. We all must take the long view for this important piece of real estate between two great sports venues.” The Fort Worth Business Press says: “The city of Arlington has approved several zoning changes to make way for the development and the city had planned to contribute about $135 million through various taxing districts.”

According to Hicks, the developers will now be most likely to concentrate on attracting dining and entertainment businesses to the site: “We have had enormous response from those business segments at Glorypark. I believe reprogramming will produce a plan that is more incremental and includes those elements as well is specialty retail, residential and office components.”

The statement says that Hicks Holdings has invested “almost $50 million into the improvements, design studies, and master planning of the area around the Ballpark.” It also says “plans will continue for the development and opening of the 310-room Westin Hotel and condominium project that was previously announced by Hicks Holdings and Gatehouse Capital. It will be located across Johnson Creek from the new Cowboys stadium.”

Glorypark was due to open in March 2010. The Dallas Morning News talks about how Dallas and the rest of the US have felt the pressures of the current financial environment: “Since last summer, lenders have increased requirements for virtually all types of real estate loans. And some debt sources that previously financed office buildings, hotels, high-rise condos and such have exited the market. The so-called credit crunch is expected to significantly reduce the amount of speculative development this year in Dallas and cities across the nation.”

According to the same paper, this isn’t the first holdup to the project: “The completion of Glorypark, which would have included restaurants, retail, office space and residential, had been delayed at least twice previously.”

As well as needing to raise investment of around £200m (approx $389m) to buy George Gillett’s half of Liverpool FC, Hicks also needs to raise the funds to continue with the building work on the club’s new £300m (approx $584m) stadium, due to open on Stanley Park in 2011. £60m is already in place to commence the work, but the other £240m (approx $467m) still has to be found.

Much can be read into this announcement.

On the one hand it does add weight to the various claims Hicks had been struggling to get finance for his Liverpool FC needs, but on the other hand it suggests the Texan could now be in a stronger position to get the finance for LFC – the total borrowings of the Hicks Holdings group of companies won’t now include this figure in the immediate future.

Again, on the one hand this announcement adds weight to the claims that the US banks Hicks does business with have been looking to call time on his borrowings, but on the other it could be said that recent talk of Hicks approaching hedge funds related to his quest for finance for Glorypark rather than Liverpool FC.

Is it possible Hicks has sacrificed this phase of Glorypark for now in favour of finalising the LFC situation?

The fact remains that Hicks is adamant George Gillett cannot sell without his say-so. This would leave Dubai relying on Hicks hitting financing problems as their only means of getting control of the club. If their assumption turns out to be true then sitting it out could eventually see them take control for the figure they’ve already decided is their top price. But if their assumption is wrong, and they don’t make a substantially higher and tempting bid, George Gillett may just go back on his vow not to sell to his partner rather than sit in this state of limbo for too long.

Further reading:
Star-Telegram – Hicks puts Arlington’s Glorypark development on ice
Fort Worth Business Press – Arlington’s Glorypark development on hold
Dallas Morning News – Arlington will have to wait for Glorypark development near stadiums

193 thoughts on “Hicks delays Glorypark due to “extreme conditions””

  1. He’s fat
    He’s round
    His arse is on the ground
    Sammy Lee, Sammy Lee.

    I thinks its very good that old fatty Lee is back at the club a tradition returns to Anfield, all we need to do now is return to the old tradition of winning league titles.

  2. Keep on posting TD!
    The mere fact that your detractors spend so much time insulting you is because, I believe, due to the uneerving prospect of you actually being right, and them; wrong.

    i enjoy both sides of the argument though.

  3. Anthony,

    Is there a need to use language like that? If it actually contributed to your argument I could just about cope with it but it doesn’t. This is an open forum. Keep it civil please.

    On a more positive note I see there is a lot of speculation about the future of major players at Chelsea, Arsenal and now… Manure with the possibility of Ron being bought by Real Madrid. As Keegan would say “I’d just love it …”.

    But the only one of the top four that isn’t suffering from this is Liverpool. Could it be that despite all the negative publicity regarding the owners the players actually love being with LFC. That say’s a lot about the club in my eyes.

    I thought I’d post something positive because there are a few doommongers who are piddling me off!

  4. Jim/Ray – Sorry for the language, but I do not think its much worse than using the word prick, but I do accept that it is OTT. SORRY!

  5. @ray proudfoot

    I’m tempted to say that apart from Torres and Gerrard none of our players would make any of the other top teams! Oops I’ve said it now!

    Seriously, the media have tried to fly the kite on Gerrard and Torres being bought by Inter Milan and Chelsea. And of course, Xabi’s been said to be on his way to Real Madrid. And Crouch to Villa, Portsmouth, Man City and Villareal etc. 3 players have said ‘don’t be ridiculous’ and Crouch is undecided, maybe.

    Rafa – as distant as he’s said to be from the players – has certainly earnt there respect particularly through what has been a difficult season. And now with Sammy on board, he’ll have a middle man and a really experienced coach and likeable man to keep the ship on an even keel.

    All plans could be derailed if the team doesn’t get the investment it requires……….but we’ve heard this argument (on the lack of funds) before

  6. Ray – Rons mum has been trying to get Ronaldo to join Real for a while. She got her picture taken with his name on a Real top, and she has been saying that she would love him to go to play for Real. Drogba is going to Milan with Jose, but the thing is with that situation it makes no difference because Abramovic will just put his hand in his pocket and splash the cash.

  7. midlands-red – If Crouch leaves and Voronin goes out on loan Liverpool will have to buy at least 1 more striker this summer and no strikers have been linked to LFC so far. We keep being linked with midfielders but no wingers or strikers.

  8. Anthony,

    Thanks for your apology. I agree that p***k is also an unwanted word. Fred, you’re on a yellow .

    But whether other clubs want our players or not I’m still pleased that the players themselves are not voicing their concerns about the club – Gerrard excepted and none of us would disagree with him. Alonso wants to stay and I’m pleased to hear that because it would be so easy for him and his wife and kiddie to return to Spain.

    Even Crouchie really wants to stay despite his dreadful treatment by Rafa.

    Anyway, nice to see Sammy back. I was at Maine Road in the early 80s and saw Sammy score a headed goal!! Could that be his only one? What was the defender doing for Pete’s sake??

    Anthony, also agree with you that we need one more decent striker although £20M would appear to be a dream! 🙁

  9. Ray Proudfoot – I think that we might be in for a surprise during the summer. I think the reason that Crouch has been left this season is not because Rafa doesn’t rate him but more a case that crouch does not fit in with the new formation that Rafa has chosen to adopt. On saying that though there where plenty of times when we played a 442 and he could have played Crouch but he chose Voronin instead. I think that we will buy one striker if crouch leaves in the summer which I believe he will. Pennant and Crouch are both suffering from the same problem they where bought when Rafa played a 442 now he plays a 4-3-2-1, which leaves no room for these two.

  10. Yes, the post with the word p**** in it nearly got sent off too, but I went all Steve Bennett and failed to deal with it properly!

    I actually tried to install a word censoring system for this site but it was hopeless, I’ll keep an eye out and see if they’ve updated (fixed) it yet.

  11. Keep on posting TD!
    The mere fact that your detractors spend so much time insulting you is because, I believe, due to the uneerving prospect of you actually being right, and them; wrong.

    i enjoy both sides of the argument though.

    Thanks, MO, but I don’t mind the disagreement and of course expect it. No big deal.

    As I’ve said before, I’m cognizant of the fact that Liverpool isn’t my team and that I don’t have the emotional attachment to it that others do. If you look at my posts, I haven’t tried to tell the fans here what they should do or what they should want for their team. I’m a sports fan and would hate non-fans doing that to me about my teams. So I don’t get into player decisions, strategy, etc. here.

    All I’ve really done in my posts is to correct what I believer are factual errors… doing so from the perspective of a fan of Hicks’ other teams and as someone from Hicks’ area of the world. I don’t deny I’m somewhat biased being a friend of the family, but I can also provide some insight into some articles and past events that Liverpool fans, being far removed from some of this stuff (geographically and culturally), would understandably not know much about.

    Most people here are civil and seem to find this fair, even if they disagree with my points. Then you have a few like Fred who will throw a fit at anyone breaking 100% agreement with what they want to be the case… even if the facts of the situation are completely out of line with their version of events. Fred had a bizarre version of Hicks’ past history as an owner and when I (as well as another American poster) educated him about American sports and Hicks’ teams, he flipped. A tiny percent like Fred will exist in any group and aren’t people worth taking seriously though.

  12. Texas Dowg – I take Fred alot more seriously than i take you. You are no friend of the Hicks’. You have said nothing to prove to me otherwise.

    P.s. Hicks’ franchises are all underperforming flops. Records speak for themselves I’m afraid.

  13. @Juan

    Agree totally with your post @ 1:57pm.

    Players like Barry might improve our squad slightly but it’s players like Torres who make the fundamental difference. You can bet your botttom dollar (lol), that Man U and Chelsea will at least try and sign 1 player like this who can make the difference. Ok, our squad is a year older, but it was deemed good enough for this season, why not just add a single player who has proved himself as world class? No guarantee to be an instant hit like Torres but surely its got to be better than signing 4 ‘Pennants’?

    The problem is the other top sides will sign a player or two of this type and ALSO buy there neccessary squad players.

    It does have that all too familiar feeling of buying bargain basement, yes.

  14. @Texas_Dawg…
    “All I’ve really done in my posts is to correct what I believer are factual errors”

    Dawg, I’ve seen a lot of your posts and i truly believe that many of them do not contain actual facts to back up your argument. Although i do enjoy the constant debates from both sides I wouldn’t put yourself above Fred.

    “A tiny percent like Fred will exist in any group and aren’t people worth taking seriously though.”

    Personally I’ve found your posts to be as bias as Fred’s and other posters on this site, just in the other direction. I also think despite your views, it’s wrong to say that people shouldn’t be taken seriously just because, as you’ve pointed out, they don’t agree with you. I myself asked you in a post only last week if you thought balance was important to any argument, which you said wasn’t. So for you to come out and say people like Fred shouldn’t be taken seriously because in your view they are wrong and can’t take an alternate view in good nature is somewhat of a hypocrisy.

    Dawg, I feel that you take a condescending tone with other posters and despite disguising your replies in a conversational tone sometimes accompanied by a smiley face doesn’t disguise the fact that you often won’t hesitate in completely shooting down other opinions and won’t see reason or meet anyone ‘half way’.

    To put it simply, I feel that you shouldn’t distance yourself from the same type of posters who you think shouldn’t be taken seriously. You just have a different method of going about your argument.

    By distancing yourself from others by saying they shouldn’t be taken seriously reminds me of the difference between shooting a cow between the eyes and maiming it with a machete. The same intent, result and reaction is met, just the method and approach is different.

  15. Texas_Dawg, I think you give a biased veiw, but if i was in your shoes i´d do the same!! I wouldn´t stand by and watch people have ago at my mate, however, you must admit that H&G have almost destroyed the club from the inside, you do not go to the press about your partner you do it in the Boardroom, where you´d have 100% of his attention… When you Lie, you lose respsect, for me, you don´t say at the Press Conferance that you and your Partner will not do a Glaizier and dump debt on the club, and then later you do the opposite and Dump Debt on the club!!! Hicks and Gillett said we will buy players on the same scale as that club to the East of us…i.e Man Utd, well i am waiting, and don´t say Torres was a product of that, as that was done because Benitez made that money up from sales and from what Parry and Moores made available, not H&G…could you shed some light on this…

  16. @Stephen. He is a friend of Tom Hicks’ son, the imaginitively titled Tom. I have verified this myself through searching his other posts on other websites where other people have asked him about going to fly over to see the game with “Tommy” to support “Daddy’s team”. Jim also has verified this.

    At the end of the day we’re all big enough and ugly enough to disgaree with him if we want to. Given the perspective he is coming from and seeing how the majority of us (myself included) do not want Hicks as owner, it’s natural we are going to disagree with him, but have you thought about trying to embrace his knowledge rather than just rejecting it instantly on principle?

    I’m not discounting the fact that he is going to have a bias, but sometimes it better to try and read between the lines rather than brush over them.

  17. Martin – I do not believe for a single minute that TD is in any way aquainted to Hicks. He tried to show me a website that allegedly poved that he was a pal of the Hick’s clan. The picture was no way a genuine photo. I think that TD may be pissing himself laughing at all the people who believe him.

  18. Anthony, it took me an hour + of searching on the net when I litterally had nothing else to do, but I can confirm he is good friends with Tom’s son.

    It would be a pretty elaborate bluff if he wasn’t!

  19. Martin – I do not have the link but it was a link to some college site or somthing. TD has got all the time in the world to create this make believe world to try to fool us into believeing that he is some friend of Hicks. Martin you are an intelligent person ask yourself a simple question, do you believe that Tom Hick Jr would ascociate with someone like dawg. All dawg that dawg is, is a wooden spoon, he just stirs it by standing left of centre. There is no fact to his argument just speculation, he just plays devils advocate. He claimed that he went to the villa game at the beginning of the season and showed me a picture on a website that he apparently took while he was there. The problems with the photo was firstly the picture was taken in the Villa end of the stadium, secondly the seats where taken from the cheapest seats in the house and thirdly he said the game was a brilliant game but the Villa game was crap. Martin the internent is full of cranks.

  20. Martin – Don’t get me wrong though I do not mind Dawg, I just take him with a pinch of salt. Above I was just implying that he was a hill billy, but I do not mind him.

  21. I’m not in favour of censorship.
    Now trying really hard here not to cuss I would like to correct a point made by Dawg………….you haven’t and cannot in any way shape or form educate me due to the fact as I stated earlier you are a grade 1 class A “prick”. I don’t give a monkeys whether you like my posts or not as I believe you are are stirrer of faecal matter. Your facts are cow poop and totally biased. Your blinded by your faith in hickabilly who as I have pointed out has messed up any sports franchise he has touched but of course you are selective in what you reply to. Your problem with me stems from the fact I don’t believe for 1 minute that you have anything to do with hicks your just some bored kid who post here to wind us up. Sadly others believe you in your claims that you hace cosy chats with uncle tom’s spawn.

    I am as stated 100% behind DIC simply because they are the only real alternative to the 2 clowns who currently own us. I have never denied my bias.

    Just like to add that on other forums you have the option to have the swear words removed from posts before you read them. I prefer that as opposed to deleting someones post.

  22. @Anthony, “Martin you are an intelligent person ask yourself a simple question, do you believe that Tom Hick Jr would ascociate with someone like dawg?”

    I don’t know Anthony. I don’t know what Tom Hicks Jnr is like as a person? Perhaps he would! I don’t think Dawg has said anything nasty or vindictive though has he? Just that he has showed support for Hicks. Maybe that is the type of person THJ would associate with!

    Sorry, Anthony, respect your opinion totally, but I guess we’re gonna have to agree to disagree. As I say, I have seen comments made to Dawg but random posters which I think prove his link.

  23. @Anthony, “Martin – Do you have the links that he showed you?”.

    Actually he didn’t show me any links I found them myself. Ok, well, it might take me a while to find it again… If you go on www igottarant . com and search texas_dawg you’ll see that he has posted quite literally thousands of times and it was in one of these blog conversations. Imagine trawling back through the comments on this site and you’ll knwo what I mean, but I’ll try and find it for you…

  24. @Fred: “Just like to add that on other forums you have the option to have the swear words removed from posts before you read them. I prefer that as opposed to deleting someones post.”

    On other forums, where it’s used, swear words are removed automatically. But then, on top of that, abusive posts will be removed by moderators. Anthony’s post was not really what I’d want to see on this part of the site, in any way shape or form. The swearing wasn’t the issue.

  25. Martin – And that was posted before he started posting on this site. It still doesn’t prove he is telling the truth, he may have been posting under a different name. Is hadnot, Hick’s son that he was having conversations with then why would Hick’s son sit in the cheapest seats in the Villa end.

  26. Jim, out of a perverted interest, can you send me Anthony’s post?! I’m over 18, but you’ll know that from my email address. hahaha!

  27. @ Anthony, “then why would Hick’s son sit in the cheapest seats in the Villa end.”

    Dunno Anthony. Just seems unlikely to me is all.

  28. I never saw the Anthonys post but I respect your right to remove any posts that are offensive. I was replying more to Ray than yourself. I am grateful for the fact that you have allowed my posts when the language has been abit course. I don’t have a problem with you deleting any abusive posts I was just pointing out that in my book swearing is ok.

  29. Martin that was posted on the eigth of december. The Villa game was on the 11 august. It does not refer directly to the owners of LFC. And why would Hicks want to buy tickets for his personal friends when he can get them for nothing from LFC.

  30. TD is what/who he says he is. And although the ranting site mentioned helped me to first work this out, I’ve since had it confirmed rather more conclusively.

    You might not agree with him, but I think he’s genuinely telling us as much as he can of what he knows. I don’t believe he’s lying. If his what he says (opinions excluded) turns out to be incorrect then it’s either him being lied to or him misunderstanding something.

    His opinions will be as biased towards Hicks’ side as much as yours would if your friend was facing endless criticism, at least some of which you knew was unfounded. You’d get the same type of bias if a friend of Gillett, Parry, Moores or Staveley turned up on here. I wouldn’t expect anyone to listen to anything these friends said and take it to be 100% true. But if they were lying we’d spot it eventually. No harm in listening, no difficulty in being polite.

    Just a theory here now. Let’s assume that Hicks can’t afford to buy his partner out, the assumption most fans have had for a while anyway. Has all the anger and venom made Hicks see this as more of a challenge than he might have done? Would he have given up sooner had he not faced these hostilities? Would he have come up with a compromise solution sooner if people had at least listened to him, if DIC were actually looking for one?

    Maybe it wouldn’t have made a difference, but to me it’s human nature that if you’re getting that kind of abuse you’ll either pack up and leave, stripping the place as you go, or you’ll close the windows, arrange some extra soundproofing and carry on regardless, in defiance of the protests. Seems that in this case the second one has happened.

  31. Actually mate it was the 12th of August – their dates are posted in a different format to ours for example today is the 8/16/08.

    It does refer directly to the owners “The tickets were arranged for us by the Liverpool owners”

    And it also says the tickets were ‘arranged’ not purchased.

    At the end of the day mate I don’t want to get into an argument with you. Let’s just say I believe him and you don’t, eh? 🙂

  32. Jim – The only way that you could of had it confirmed that Dawg is aquainted to Hick’s is if Hicks has confirmed it himself. If that is the case then maybe you are taking a bung of Hicks.

  33. @Fred: I don’t particularly mind swearing either, I use the words often enough myself! But I suppose there’s a time and a place for swearing, there are many situations where I wouldn’t dream of swearing. Stoppage time in a CL semi-final first leg isn’t one of them, it turns out…

    I’m hoping the forum has built in asterix-adding capabilities, but I think that it might be possible for individuals to turn it off so they can see the uncensored version. Setting the forum up has been the cause of more swearing from me too…

  34. @Anthony Fakir: It was actually Amanda, Sameer and Rick, when we were all out on the ale last week. I said I wondered if TD was a phoney, and they all went very serious and warned me he was genuine. David Moores wasn’t out with us that night, but it seems he lost big money on a game of Junior Scrabble in the Villa boardroom, TD cleaning up.

    If only their bung had arrived on time I wouldn’t have had to reveal all this now.

  35. ” The tickets were arranged for us by the Liverpool owners. So I imagine they’ll be in the Liverpool section. I think we’ll just wear American flags to be safe. ”

    Martin – I will eat some humble pie and say that I was wrong to believe that he never said anything. The one problem that I have with Dawg is that he does not empathize with the LFC fans. He seems to believe that Hicks is doing a wonderfull thing by LFC without taking into consideration the fact that ultimatly it will be LFC fans that will provide this club with success on the pitch and also a new stadium.

    The web site could be a couple of lads having a laugh between themselves and Dawg has just took it one step further and carried on the wind up on this site. The fact that he said something on a web site does not prove that he actually went the game or that he knows the Hicks clan, and there are inconsistencys in Dawgs claims to prove that to be the case.

  36. ” Hadnot and I were in the middle of the Liverpool section, and after that goal (which was the game-winner, coming with just a few minutes left) I felt a little weird just standing and watching given that the whole place around us was going insane. I was also trying to guard my wife from the people behind us that a couple times had to use our backs and heads from falling a couple rows forward in their celebrating. ”

    Dawg above claims to be sitting in the liverpool section during the Villa game, but if you look at the photo you will see he is sat in the home stand.

  37. @Jim

    “Just a theory here now. Let’s assume that Hicks can’t afford to buy his partner out, the assumption most fans have had for a while anyway. Has all the anger and venom made Hicks see this as more of a challenge than he might have done? Would he have given up sooner had he not faced these hostilities? Would he have come up with a compromise solution sooner if people had at least listened to him, if DIC were actually looking for one?”

    It did occur to me after the Sandon incident that it might have an adverse effect on proceedings but I think it’s far too simplistic to cite this as the main motivator behind his persistence. When all is said and done Hicks is here to make money and will balance his motivation between risk and reward. It may have contributed to it on the periphery but I highly doubt it would act as the deciding factor.

    Plus, that might be a false assumption to make Jim! 😉

  38. @Anthony Fakir:

    Jim – So your now trying to say that you go out on the piss with those three. Sameer is a muslim so he doesn’t drink.

    Doesn’t mean he can’t let his hair down. It might be the sugar in the J2O that does it, hard to tell. Don’t ever try outdrinking George either, that’s a serious warning. I’ve never seen so much brown ale supped in a night. Or babycham chasers for that matter.

  39. @Jim “David Moores wasn’t out with us that night, but it seems he lost big money on a game of Junior Scrabble in the Villa boardroom, TD cleaning up. ”

    Lol – How cognizant of you! (Still don’t know what that means)

  40. @Anthony, “The fact that he said something on a web site does not prove…”


  41. @Martin: Yes, I agree it wouldn’t be a major or deciding factor, but I can’t believe this amount of hostility hasn’t played some role in the decision making. Especially the various little bits and pieces that have been thrown at him that actually weren’t down to him.

    As you say though, the assumption might be false!

    PS: Sent you an email.

  42. ” He’s going to be there the next weekend for Liverpool’s home opener. Sunday though, and we are flying out that day. ”

    I do not believe that Hicks attended the first game of the season.

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