Rangers agree to hold auc­tion for team sale

Austin American-Statesman - - SPORTS -

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.

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