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.