DALLAS (April 3, 2009)--Tom Hicks' company, which owns baseball's Texas Rangers and hockey's Dallas Stars, has defaulted on about $525 million in loans.

Hicks told The Associated Press on Friday that his teams won't be affected and that Hicks Sports Group decided not to pay an interest payment in order to negotiate with the banks.

"What we want is the banks to allow us to use our interest revenue. We need 51 percent approval, which we anticipate,” he said.

A financial news Web site called FINalternatives first reported Friday that Hicks Sports Group did not make its interest payment Monday on a $350 million bank-term loan, $100 million second-lien loan and a $75 million revolving credit facility.