Rangers Sale Is Complicated
A half-billion dollars will be on the table when a federal mediator in Dallas meets with suitors who want to buy the Rangers.
This highly contentious sale just gets more complicated as it moves through the maze of U-S bankruptcy law. The cash-strapped Rangers owner Tom Hicks wants to sell the team to a group fronted by hall-of-famer Nolan Ryan and sports attorney Churck Greenberg. But Hicks's creditors insist the Ryan-Greenberg group came in with a lowball offer and they demand the team go the highest bidder. To that end, the Rangers propose a July 16th auction date, desperately hoping to get the deal done by the July 31st Major League trade deadline. Insiders expect today's mediation session to get rather heated. All of this may be for nothing, anyway. Even if another buyer offers more money, the other Major League owners have the right to veto that deal -- and accept the Ryan-Greenberg offer of 500-million dollars because of Ryan's long-time connection to the game.
