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JP Morgan Chase Sues For Control Of Rangers Ballpark Lease

Barry Schlacter reports that a suit from Chase calls the control of the Rangers’ stadium into question and could jeopardize the club’s auction timeframe.

In an already convoluted bankruptcy, J.P. Morgan Chase quietly filed a separate lawsuit late Friday. Chase argues that Hicks Sports Group, the parent of the team, made amendments in 2009 and in May that transferred the city-owned stadium’s lease directly to the team without the bank’s required consent as part of its loan agreement.

A hearing is scheduled for July 20 to hear creditors’ arguments that the date for the auction of the club should be pushed back from August 4.

Photographs by jamesbrandon, jdtornow, phlezk, flygraphix, mcdlttx, tomasland, and literalbarrage used in background montage under Creative Commons. Thank you.