MLB owners approve sale of Texas Rangers

Posted: 12/08/2010 in MLB
 Rangers sale approved by MLB

Major League Baseball has approved the sale of the  Texas Rangers from  Tom Hicks to a group led by Chuck Greenberg and Nolan Ryan.

The  lengthy process finally came to a close Thursday after the Greenberg-Ryan group  prevailed  in  an  auction  last  week to  purchase  the  club  out  of bankruptcy.

Ryan  and Greenberg outbid the tandem of Dallas Mavericks owner Mark Cuban and Houston  businessman Jim  Crane. The winning bid was $593 million, topping the Cuban-Crane reported offer of $581.2 million.

“I am very pleased that Chuck, Nolan and their impressive ownership group have been  approved as the new leadership of the Texas Rangers franchise,” said MLB commissioner  Bud Selig.  “Chuck  and Nolan  have  demonstrated an  unwavering commitment  to the Rangers. Their passion for Major League Baseball as a whole and particularly the future of baseball in Texas is exemplary.”

Greenberg,  a  Pittsburgh attorney, will  serve as the new ownership’s control person, while the legendary Ryan will remain as the club’s president.

“I  can’t  tell you how excited  we are to  complete our purchase of the Texas Rangers,”  commented Greenberg.  “It’s been a long journey, but well worth the wait. We believe that this franchise belongs to all of its fans, and we pledge to  be  passionate in  all we  do to  bring you the  very best  on and off the field.”

Ryan and Greenberg had reached an agreement on January 23 to purchase the team and  the  land around the Ballpark  in Arlington for $575 million. The Rangers filed for bankruptcy in May, but the lenders who hold the debt on Hicks Sports Group  ultimately  objected to  the sale  with the belief  that the team could fetch more money.

“In  addition, I want to thank the Rangers’ fans for their patience throughout this  difficult  process,” Selig added. “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  which values  its  standing in  the Dallas-Fort Worth communities. I am glad that the Rangers’ great season on the field will get the attention it deserves during the pennant race.”

The  Rangers are  65-48 and lead the  American League West by 7 1/2 games over the Angels.

“We can now turn our full attention to continuing what has been a great season on  the  field,” said  Ryan. “We  thank the  fans and  the community for their tremendous  loyalty  and support and  we look forward  to the excitement as we head down the stretch and into October.”

– Stephen (DS LLC.)

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