Filed under: MLB Biz, Sports Business and MediaThe Texas Rangers could have a new owner by Labor Day.
On the third day of often-contentious hearings about the fate of the cash-strapped Major League Baseball club in Fort Worth, federal bankruptcy judge Michael Lynn said the franchise will be auctioned off on August 4. The decision likely favors the investor group headed by Pittsburgh attorney Chuck Greenberg and Rangers president Nolan Ryan, whose deal to buy the Rangers has been stalled by objections for months by objections from the club's numerous creditors.
The creditors -- a group that includes everyone from investment bank JP Morgan to Texas state tax authorities to New Era, the hat company -- had been pushing for a Sept. 30 auction date, in order to provide more time for prospective bidders to line up partners and financial arrangements to purchase the club. The Rangers declared bankruptcy in May and have been funded by MLB since last season. The team's creditors have long objected to the terms of Greenberg/Ryan group's deal to purchase the Rangers, which was initially announced last December and has been tied up in legal wrangling for months.
The tussle over the club's ownership saga has taken on an even higher profile because of the Rangers' on-field success this season -- the team is currently in first place in the American League West -- and the prospect that one of baseball's best teams could advance to the postseason without an owner.Miami Heat
Cavs
Cleveland Cavaliers
Dan Gilbert
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment