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May
03

MLB to become owners of Texas Rangers?

By Allan

Texas Rangers logoRichard Durrett of ESPNDallas.com says that Major League Baseball is considering seizing the ownership of the Texas Rangers in order to finalize a deal to sell the club to the group headed by Pittsburgh attorney Chuck Greenberg and club president Nolan Ryan.

The league could take control of the team under the “best interests of baseball” rule and sell the group to Rangers Baseball Express to avoid creditors blocking the agreement.

The Hicks Sports Group agreed to a deal in late January with the Greenberg-Ryan group, but the creditors, which must approve the agreement, have not signed off on it. Monarch Alternative Capital, the largest lender, wasn’t happy with the deal.

“There’s an impasse,” Hicks said then. “The lender thinks the group led by Chuck may not be the highest bidder and they want to learn more about their options. That’s something that’s got to be worked out by baseball, the Greenberg group and the lenders. I hope it gets worked out soon. It needs to be worked out soon.”