Rangers’ auc­tion will go for­ward

Judge de­clines de­lay to al­low some to de­velop their bids

Austin American-Statesman - - SPORTS -

FORT WORTH — The Texas Rangers’ auc­tion is on.

A fed­eral bank­ruptcy judge de­cided Thurs­day to keep the Aug. 4 date to auc­tion off the team, re­ject­ing re­quests to de­lay it nearly two months so bid­ders could line up fi­nanc­ing. And Mark Cuban, the out­spo­ken owner of the Dal­las Mav­er­icks and a bil­lion­aire busi­ness­man, may be among those bid­ding on the Rangers.

“It’s real sim­ple: We’re go­ing to get it done Aug. 4 and 5,” U.S. Bank­ruptcy Judge D. Michael Lynn said af­ter a three-day hear­ing.

The court-ap­pointed re­struc- tur­ing of­fi­cer and an­gry cred­i­tors had ar­gued that po­ten­tial buy­ers would not have enough time to se­cure the mil­lions needed to buy the Rangers and sug­gested a Sept. 30 auc­tion. But the team coun­tered that at least two po­ten­tial bid­ders, Hous­ton busi­ness­man Jim Crane and Dal­las in­vestor Jeff Beck, had time to re­view the deal and line up fi­nanc­ing since they were part of the orig­i­nal bid­ding process last year.

Cuban’s at­tor­ney, Clifton Jes­sup, said he was “un­der the gun” to re­view terms of the sale in less than two weeks. Cuban, re­cently qual­i­fied by Ma­jor League Base­ball to par­tic­i­pate in the auc­tion, has not de­cided whether to bid but hopes to make an of­fer on his own rather than join an ex­ist­ing group, Jes­sup said.

Cuban, one of the most vis- ible and col­or­ful own­ers in pro sports, expressed an in­ter­est last year in buy­ing the Chicago Cubs. The team was pur­chased in­stead by the Rick­etts fam­ily from Tribune Co. fol­low­ing a bank­ruptcy fil­ing.

Ma­jor League Base­ball has long en­dorsed a group led by Hall of Fame pitcher and Rangers pres­i­dent Nolan Ryan and at­tor­ney Chuck Green­berg as its pre­ferred buyer.

Rangers’ man­ager Ron Washington, called by the judge to tes­tify Thurs­day, said play­ers’ morale was “un­be­liev­ably good” but would turn to worry if the sale was de­layed. Ryan told the judge this week that to en­sure the team’s fi­nan­cial re­sources to keep star play­ers and ac­quire new tal­ent, the auc­tion should pro­ceed so the Rangers can get out of bank­ruptcy.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.