by Jon WeinbachFiled under: Rangers, MLB Biz, Sports Business and Media
And as week turned into weekend, the fate of the Texas Rangers became a little clearer.
On Friday afternoon in Fort Worth, federal bankruptcy judge Michael Lynn rejected Chuck Greenberg and Nolan Ryan's "enhanced" offer to purchase the ballclub, setting the stage for a decisive Aug. 4 auction for the club (above file photo shows, from left, Greenberg, former team owner Tom Hicks and Ryan).
The ruling came after the Greenberg-Ryan group and William Snyder, the court-appointed officer tapped to resolve the dispute over the Rangers' ownership, unveiled a new plan earlier in the day to purchase the franchise. The Greenberg-Ryan group originally reached an agreement to purchase the Rangers and real estate surrounding the team's stadium for $575 million, but the the club's numerous creditors object to the terms of the deal and have held up the sale for months.
The matter has dragged on during one of the most successful seasons in franchise history. Texas is currently leading the American League West, going into this weekend 8 1/2 games up on the second-place Oakland A's. Permalink | Email this | Linking Blogs | Commentsbmx parts
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