News
Rangers auction remains set for Aug. 4
Greenberg-Ryan group increased offer for franchiseBy T.R. Sullivan / MLB.com
07/30/10 6:36 PM ET
ANAHEIM -- The Rangers will be put up for auction on Aug. 4 in U.S. bankruptcy court despite an attempt by the Greenberg-Ryan group to avoid it by increasing their offer on the franchise. Dallas Mavericks owner Mark Cuban, according to reports by the Associated Press and Bloomberg News, is among those who are prepared to bid for the team on that day. Houston businessman Jim Crane also is expected to bid. The group headed by Pittsburgh attorney Chuck Greenberg and club president Nolan Ryan submitted an enhanced offer on Friday over the $575 million they agreed to pay back on Jan. 23. A condition of the offer was that the auction would be called off. But Judge Michael Lynn, who is presiding over the bankruptcy case, said the auction will proceed in order to satisfy the lenders who hold the debt on Hicks Sports Group. The Greenberg-Ryan group reached an agreement with current owner Tom Hicks to purchase the team back in January, but the deal has been held up by the lenders who are not satisfied with the amount of money they expect to receive from the transaction. The lenders are owed approximately $525 million. The Rangers voluntarily went into bankruptcy court in May, and it was speculated then that the sale may gain approval. Instead the franchise will go up for auction on Aug. 4. The lenders tried to get the auction moved to a later date, but the judge rejected that attempt. The Greenberg-Ryan group's financing agreement expires on Aug. 12.T.R. Sullivan is a reporter for MLB.com. This story was not subject to the approval of Major League Baseball or its clubs.
