Texas Rangers resolve ownership crisis
Nolan Ryan, the Texas Rangers’ Icon and Hall of famer and Chuck Greenspan, favoured by the Major League Baseball owners have now finally brought the ball club under their investment group’s control. The board finally approved the sale, yesterday. With the organization structure changing slightly under new management and authority the team players can look to concentrate their efforts on the game now.
Ryan retains the position of team President. While Greenspan gets the managing partner role and chairman position for the group that also includes pipeline billionaire Ray Davis and founder of XTO Energy, Bob Simpson.
Things didn’t go as smoothly due to a debilitating court battle that ensued after creditors were stressing on getting their accruals from the bankrupt club. The sale of the team was already in the works after an agreement between Tom Hicks of ‘Hicks Sports Group’ and the allegiance of Ryan and Greenspan. Due to the sensitive case that ran rampant in the court, the Rangers’ were auctioned. A bidding war with Dallas Mavericks owner, Mark Cuban, began. However, the former triumphed with a final offer of $590 Million as they took the reins from the former owners.
The club was, at first, agreed upon a sale valuation of $490 Million. However, the bidding led the club to go for far beyond its value on the market. Greenberg mentions the turbulent process in these words, “There were a lot of frustrations, a lot of setbacks, quite a few moments where we thought we had it only to feel it slip away again,” Greenberg explains. “But there was never a moment where I thought this wasn’t going to happen.
Hicks shared a few words as well: “Obviously, this is a bittersweet moment for our family because these past twelve years with the Texas Rangers have produced a remarkable experience for all of us”, Hick’s statement mentions. “I sincerely think the two major turning points for this franchise involved naming Jon Daniels general manager and Nolan Ryan becoming club president”.
Major League Baseball commissioner, Bud Selig, was pleased to see the Ryan-Greenberg become the owners. He recalled the problems starting up in the month of May and how things have now concluded leaving the focus on the ball park and the diamond.
With outfielders and developing players like David Murphy, and the Most Valuable Player candidate for the year, Josh Hamilton, things are looking good for the Rangers. They are 7 and a half innings on top of the runner-ups in the American League Western Division. Cliff Lee, being a bona fide member of the pitching squad, has given many advantages to the squad. They are looking to topple the current title holders, win the division after 20 years, and make their way into the playoffs for the first time since 1999.
The creditors will now be satisfied about their earnings being paid to them in order as the issue of stringent cash reserves is now resolved. Some of the creditors included former Texas Rangers’ squad member, Alex Rodriguez. He was owed $24.9 million and took his case to court for most of the other former players as well, stressing on accruals that the management is supposed to provide. Paying more than $200 million to unsecured creditors, Nolan and Chuck have ensured worries pertaining to the financial liabilities of the club are now handled.
The judge has ruled the Rangers will compensate the creditors for $75 million. However, the remainder will have to be stripped from the already defaulted Hick’s Sports Group that went out of operations of $525 million, last year.
Hick’s is now not part of the organization and most players are happy with the recent outcome. Specifying, how the club will be able to do its best due to the resolved financial issue. Now the team can focus on working hard at their game.
Tags: