I wrote an earlier post that discussed the pending sale and bankruptcy of the Texas Rangers franchise. Well, it has just gotten a little more complicated. According to ESPN.com, the court-appointed restructuring officer reopened the sale of the team to potential purchasers, and even began accepting bids again, even though current team president and prospective purchaser Nolan Ryan states that his group already had their bid accepted by the team, and now have the exclusive rights to purchase the team. This recent development caused Ryan and his group to file suit against the Texas Rangers in bankruptcy court, requesting that the judge put a stop to the current bidding process.
It seems unlikely that any other groups would eventually take the place of Ryan’s group and purchase the team, as MLB is heavily in favor of bringing back one of the all time Texas greats to own a franchise in his home state. And after watching the Chicago Cubs sale over the last 2 years, we know how important it is to have MLB supporting your bid to purchase a team. In addition, it looks like Ryan’s group has position themselves well by having massive funding for the purchase as well as savvy businessmen and attorneys included in their group.
Stay tuned as I am sure there will be future developments in this case in the upcoming weeks…
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