Realized Investments
Texas Rangers Baseball Club
CIC Partners and its affiliates, including President George W. Bush and Richard Rainwater, acquired the Texas Rangers in 1989. We secured the original investor group and raised the balance of the $33 million in equity investments, arranged more than $50 million in bank financing and coordinated the legal structuring and due diligence that closed the transaction.
The partnership produced stellar results for the fans and investors. Construction of a state-of-the-art baseball facility was achieved in 1994. The Rangers won their first Division Championship in 1996 and repeated the feat in 1998 and 1999. Attendance grew from 1.5 million fans in 1988 to 3 million in 1998. Revenues doubled between 1989 and 1993 and nearly doubled again between 1994 and 1998. As a result of this cumulative success, the team was sold to Thomas O. Hicks in 1999 for $250 million.