Monday, May 24, 2010

Oh dear. The Texas Rangers' sale plans will not please everyone......

The Rangers will use the bankruptcy courts to "smooth" out some issues related to their proposed sale.

From ESPN:

ARLINGTON, Texas -- The Texas Rangers say the club's sale will be accomplished by midsummer through a voluntary bankruptcy plan that will fully pay the lenders of Tom Hicks' financially strapped ownership group.
The club said Monday the plan was previously negotiated between Hicks and the new ownership group led by Pittsburgh attorney Chuck Greenberg and team president Nolan Ryan.
The deal valued at $575 million includes Rangers Ballpark in Arlington and land around the stadium.
Commissioner Bud Selig said the agreement "serves the best interests of the team, its fans, MLB and all other parties involved."
"All other parties involved" might include Alex Rodriguez, and I can promise you that as the Rangers' largest unsecured creditor (originally reported at ZeroHedge), he'll not be pleased....

Copyright 2010 AlphaNinja

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