Bonzer Wolf™ (bonzerwolf) wrote,
Bonzer Wolf™

Ryan/Greenberg WIN Rangers Auction

FORT WORTH, Texas -- In a courtroom drama that lasted nearly 15 hours, Pittsburgh businessman Chuck Greenberg and Hall of Famer Nolan Ryan fended off a rival bid from NBA team owner Mark Cuban and emerged victorious from the bankruptcy court auction.  The final winning bid gave the group the right to purchase the Texas Rangers for $385 million in cash. The new owners will also over $200 million in debt. The Total purchase price for the Texas Rangers franchise, including assumed debt may be north of $600 million, as a result of the auction.

The Ryan/Greenberg Group final purchase price was almost $100 more than their original MLB approved purchase price for the team (from $500 to $600 million).  Rumors persisted on Twitter and elsewhere on the Internet, that Mark Cuban had purchased a large portion of the $600 million dollar debt owed to creditors by Hicks Sports Group, prior to the auction.  If that is the case, Cuban certainly helped himself by substantially raising the purchase price.

The two sides bickered and bid for the right to purchase the team from Wednesday morning until well past midnight in Texas, until the final bid from Greenberg, submitted at about 12:25 am. CDT, was not answered. Houston businessman Jim Crane, who partnered with Cuban on his bid, shook Ryan's hand and told the current Rangers president they were done bidding, ending a contentious and dramatic battle.

Ranger fans on Twitter and throughout the Metroplex overwhelmingly backed the Ryan/Greenberg group.  The final sale is expected to be approved quickly and the new owners should take control of the team next week when the Texas Rangers emerge from bankruptcy.

Tags: sports, texas, today

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