Chuck Greenberg and Nolan Ryan have kicked up their pursuit of the Texas Rangers a notch, filing suit against the team to compel the bankruptcy court to finalize the sale of the team, thus avoiding what could be a messy auction process.
Chuck Greenberg and Nolan Ryan have kicked up their pursuit of the Texas Rangers a notch, filing suit against the team to compel the bankruptcy court to finalize the sale of the team, thus avoiding what could be a messy auction process.
The lawsuit, filed yesterday, says the Rangers have breached a May 23 purchase agreement that gives the Greenberg/Ryan group exclusive rights to buy the team. Creditors, spurred on by Rangers owner Tom Hicks, objected to the $525-million sale price, saying there were better offers out there. That agreement should supersede any action taken by the bankruptcy court.
If there is an auction and a higher bid is accepted, Hicks and the creditors should not benefit from any higher sales price, the lawsuit argues; any financial difference between the Greenberg/Ryan offer and the higher price should be awarded to Greenberg/Ryan as a penalty for breaking the binding purchase agreement.
Reopening the sale of the Rangers to bidding is still a strong possibility, although a final decision on any form of an auction has not been reached.
RELATED STORIES: Rangers to auction; Cuban in the mix?
Share your news with the baseball community. Send it to us at editors@augustpublications.com.
Subscribers to the weekly Ballpark Digest newsletter see features before they're posted to the site. You can sign up for a free subscription at the Newsletter Signup Page.
Join Ballpark Digest on Facebook and on Twitter!