Ryan-Greenberg prevail in auction for Rangers
Baseball Betting Lines
08/05/2010 -
Fort Worth, TX (Sportsbook Betting Lines) - Nolan Ryan and Pittsburgh lawyer Chuck
Greenberg came out on top early Thursday morning in U.S. Bankruptcy court,
putting forth a winning bid of $593 million to buy the Texas Rangers.
Ryan and Greenberg outbid the tandem of Dallas Mavericks owner Mark Cuban and
Houston businessman Jim Crane. According to the Forth Worth Star-Telegram,
Cuban and Crane's top bid was $581.2 million.
Final approval of the Rangers sale rests with Major League Baseball.
Ryan and Greenberg reached an agreement on January 23 to purchase the team and
the land around the Ballpark in Arlington for $575 million from owner Tom
Hicks.
The Rangers filed for bankruptcy in May but the lenders who hold the debt on
Hicks Sports Group ultimately objected to the sale with the belief that the
team could fetch more money.
The Ryan-Greenberg group recently increased its offer, although it was
rejected by U.S. Bankruptcy judge Michael Lynn, who ordered the auction
process to proceed as scheduled.
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