Major League Baseball owners, with Commissioner Bud Selig overseeing the quarterly owners’ meetings, recently and unanimously approved the sale of the Texas Rangers to former Rangers’ pitcher and Hall of Famer, Nolan Ryan and sports attorney, Chuck Greenberg.
“It’s hard to comprehend that that is behind us because it dominated our lives so much, in that there were so many twists and turns during the process,” said a relieved Nolan Ryan, leader of an investment group along with Greenberg. The bidding took forever; as well, the Rangers’ went through a very long bankruptcy process which was plagued with arguments and endless back-and-forth negotiations.
Dismayed creditors insistently argued for the bidding to be re-opened, which it was, despite the fact Ryan and Greenberg’s group had already been selected as the Rangers’ owner back in January—after the initial sale. As it is now, Ryan remains the team’s President while Greenberg will assume the roles of both CEO and managing partner.
The Ryan and Greenberg group outbid Dallas Mavericks owner, Mark Cuban. It was an extensive and drawn out bidding process, which ended with Ryan’s group’s $590 million bid.
Chuck Greenberg said, “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…But there was never a moment where I thought this wasn’t going to happen…”
Commissioner Selig said of the sale, “I am confident that Chuck, Nolan and the entire ownership group will serve as dedicated stewards of this club by building a long-term, stable franchise…I am glad that the Rangers’ great season on the field will get the attention it deserves during the pennant race.”
The winning and final bid will be utilized to pay off more than $200 million to unsecured creditors. This includes Alex Rodriguez who is owed $24.9 million in deferred compensation a good six years after a trade sent the player to the New York Yankees. In the end, creditors get $75 million from the Rangers, according to their bankruptcy plan.