Rangers agree to hold auction for team sale
FORT WORTH — The Texas Rangers plan to hold an auction next week for the team’s sale in hopes of getting the bankruptcy plan approved, according to a court motion filed Monday.
The team, which had a pending sale to a group led by Pittsburgh attorney Chuck Greenberg and Hall of Fame pitcher and team president Nolan Ryan, set a July 16 auction for bidders who meet certain MLB requirements.
Selling the team to the Greenberg-Ryan group and paying creditors $75 million was part of the Rangers’ bankruptcy plan when it filed for Chapter 11 protection in May, but creditors have opposed that plan.
“It became clear following discussions with the (courtappointed chief restructuring officer) that (he) would be more likely to support and vote to approve the prepackaged plan following an auction process,” Rangers’ attorneys said in the motion. “The (team) understands that a competitive bidding process is the preferred method of the lenders.”
Greenberg and Ryan said Monday that they believe their $575 million bid “is still superior and best serves the interests of the Rangers and their fans.” They said they have put that money into an escrow account in anticipation of closing the deal.