Nolan Ryan Group Wins Rangers Auction
The Texas Rangers are a step closer to escaping bankruptcy. The soaring Rangers now have new owners who provide the team with stability. Rangers President and Hall-of-Famer Pitcher Nolan Ryan along with Pittsburgh sport attorney Chuck Greenburg purchased the team with a $593 million offer that included $385 million in cash.
The Ryan/Greenburg group beat out Dallas Mavericks owner Mark Cuban’s bid of nearly $600 million.
"It was an emotional roller coaster," a smiling Ryan said between hugs with colleagues and well-wishers in the courthouse. "You go to court one day and it didn't go your way, but you go back another day and it would. It's a relief."
Reports had said that Cuban had initially submitted the highest bid. Major League Baseball had the right to accept the second-highest bid, but it didn’t come down to that. Cuban submitted an initial bid of $598 million that included a $390 million offer in cash, but the Ryan group’s bid was considered higher due to the structure of the bids. Their bid included a $13 million break-up fee that would have been paid to the Ryan/Greenburg group if they lost.
Cuban’s group had decided on a final price that they were willing to go with and once Ryan’s group made their offer, Cuban elected not to go higher as it would have gone over this final price.
"We had our price we were willing to go up to, and their last bid pushed us to our limit. We couldn't bid again without going over our price," said Cuban.
Although Cuban’s group lost after several offers were made by both sides, each upping the other, Cuban expressed no hard feelings following the auction.
"I wish them the best," he said after shaking hands with Greenberg, Ryan and their attorneys. "They deserve all the credit in the world, and I wish them complete success."
Cuban’s group made the highest opening offer and the Ryan/Greenburg group had to bounce back as the auction kept going up.
In the end, it was likely the justified result for a man that has worked so hard for the Rangers. He will likely be committed to fixing the organization’s financial issues. The team presently couldn’t be doing better on the field though. The man who leads all matters on the diamond was pleased with the auction’s result.
"I think it's a great thing for the Texas Rangers organization," manager Ron Washington said. "Those guys work awfully hard and they are committed and dedicated, and I'm glad it worked out for them and for us."
With all the questions about the ownership of the team, the Rangers can now turn their focus to finishing their successful season and getting ready for a play-off run.
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