Nolan Ryan Buys The Texas Rangers

I couldn’t think of anything really catchy and short. I was thinking “Former Astros Buys The Rangers” but then I thought that doesn’t make any kind of sense, so I changed my mind.

In any case, it looks like Ryan and his partners will come up with a total of $593 million. Correct me if I’m wrong, but didn’t the Rangers sign Alex Rodriguez to a contract worth $250 million? How were they planning on paying that when they were practically broke?

Add the Rangers to the list of companies and organizations that George W. Bush had a hand in managing that have gone bankrupt.

Note: This post is also on my Texas Sports blog

Amplify’d from www.bloomberg.com

A group including Hall of Fame
pitcher Nolan Ryan won a bankruptcy auction for the Texas
Rangers baseball club, defeating a rival bid by Mark Cuban, the
owner of the Dallas Mavericks basketball team.

Ryan and his partner, attorney Chuck Greenberg, won with an
offer of $385 million plus the assumption of $208 million in
team liabilities during an auction in a Fort Worth, Texas,
courthouse.

Shortly after the group made the bid, Cuban bowed out of
the auction. Clifton Jessup, his attorney, congratulated
Greenberg and Ryan, and observers in the near-capacity courtroom
applauded and cheered.

“It’s a relief to get it done,” Ryan said in an interview
after the bidding ended. “This has been a saga that has just
gone on and on.”

U.S. Bankruptcy Judge D. Michael Lynn is scheduled to
consider approving the sale to Greenberg and Ryan later today.
Major League Baseball rules also require 75 percent of its 30
team owners to approve the group as the buyer. The owners are
set to meet later this month.

Cuban and his partner, Houston businessman Jim Crane, made
several bids for the team during the auction, which ended about
12:45 a.m. Fort Worth time. Cuban’s final bid was $390 million,
which adjusted downward to $373.2 million, mostly to account for
a breakup fee that would have been paid to the Greenberg-Ryan
group.

‘Bid to the Limit’

“We bid to the limit we planned to bid to,” Cuban said in
an interview.

Read more at www.bloomberg.com