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Texas Rangers file for bankruptcy, plan sale
Houston Business Journal - by Kerri Panchuk and Chad Eric Watt Staff Writers
The company that owns the Texas Rangers has filed for reorganization in bankruptcy court in order to complete a planned sale to a group led by Chuck Greenberg and former Houston Astros pitcher Nolan Ryan.
Texas Rangers Baseball Partners filed its chapter 11 bankruptcy petition on Monday. The group is owned by Tom Hicks and Hicks Sports Group, which aim to use a prepackaged bankruptcy plan to pay off creditors and sell the baseball club, the lease at The Ballpark in Arlington and surrounding land.
Hicks is selling the team for about $575 million. The deal should be completed this summer, the team said.
The Greenberg-Ryan group first signed a deal to buy the Rangers in January. But disputes with creditors have thus far stopped that transaction from closing.
In a statement, Baseball Commissioner Bud Selig said completion of the sale "serves the best interests of the team, its fans, MLB and all other parties involved."
"This agreement assures an orderly process to expeditiously transfer Rangers' ownership to the Greenberg-Ryan Group, and it protects the franchise’s baseball operations," Selig said. "Rangers fans can have confidence that their team has the resources it needs to compete. Clearly, this could not and would not have happened without Tom Hicks’ leadership and hard work over a long period of time.”
The Dallas office of Weil Gotshal and Manges LLP is representing the Rangers in the bankruptcy proceeding.
Houston Business Journal - by Kerri Panchuk and Chad Eric Watt Staff Writers
The company that owns the Texas Rangers has filed for reorganization in bankruptcy court in order to complete a planned sale to a group led by Chuck Greenberg and former Houston Astros pitcher Nolan Ryan.
Texas Rangers Baseball Partners filed its chapter 11 bankruptcy petition on Monday. The group is owned by Tom Hicks and Hicks Sports Group, which aim to use a prepackaged bankruptcy plan to pay off creditors and sell the baseball club, the lease at The Ballpark in Arlington and surrounding land.
Hicks is selling the team for about $575 million. The deal should be completed this summer, the team said.
The Greenberg-Ryan group first signed a deal to buy the Rangers in January. But disputes with creditors have thus far stopped that transaction from closing.
In a statement, Baseball Commissioner Bud Selig said completion of the sale "serves the best interests of the team, its fans, MLB and all other parties involved."
"This agreement assures an orderly process to expeditiously transfer Rangers' ownership to the Greenberg-Ryan Group, and it protects the franchise’s baseball operations," Selig said. "Rangers fans can have confidence that their team has the resources it needs to compete. Clearly, this could not and would not have happened without Tom Hicks’ leadership and hard work over a long period of time.”
The Dallas office of Weil Gotshal and Manges LLP is representing the Rangers in the bankruptcy proceeding.
