Nolan Ryan-Led Investment Group To Takeover Texas Rangers After Bankruptcy
Tweet
Share
E-mail
The "Ryan Express" is in charge in Arlington now, as his investment team with Pittsburgh attorney Chuck Greenberg announced plans to complete the sale of the Rangers from the Texas Rangers Baseball Partners on Monday.
According to the parties, the sale to the Greenberg-Ryan investor group will be achieved through a voluntary "pre-packaged" Chapter 11 bankruptcy plan that will allow for normal baseball and business operations.
The plan had been previously negotiated and agreed to and will provide sufficient sale proceeds to to the current ownership’s creditors to recoup the full portion of Hick’s Sports Group debt that is guaranteed by the Rangers, while also providing a way for all of the club’s creditors can be paid in full.
The plan has the support of Major League Baseball’s governing body, including Commissioner Bud Selig.
"This plan to complete the sale of the Texas Rangers serves the best interests of the team, its fans, MLB and all other parties involved," Selig said in a statement. "This agreement assures an orderly process to expeditiously transfer Rangers ownership to the Greenberg-Ryan group, and it protects the franchise's baseball operations. Rangers fans can have confidence that their team has the resources it needs to compete."
Nolan Ryan, who currently serves as the team's president and holds the MLB record for career strikeouts and no-hitters thrown, will along with Greenberg also gain ownership of Rangers Ballpark in Arlington and the land surrounding the stadium.
Under the terms of the plan, the Rangers will be able to continue operations within their existing budget, while ticket prices will remain the same and future tickets that have already been purchased will be honored. All player salaries will be paid as planned to players, coaches and team staff, and vendors and suppliers of the club will be paid in full.
"Since 1998, our family has taken great pride and joy in our association with the Rangers," said Tom Hicks, who will be Chairman Emeritus of the Rangers. "We are proud to play an active role in resolving the deadlock in this complex sale process. Rangers fans deserve management's full focus on baseball operations, and Nolan, Chuck and their colleagues will be outstanding stewards of the Rangers."
The Rangers have lived in relative baseball obscurity since coming into the league in 1972, after moving from Washington. The team has no World Series appearances and has not seen a playoff game since 1999.
The team currently holds a 2 game lead in the West division two month into the 2010 season, with a player payroll of $55.3 million, the fourth lowest in the MLB.
Moving forward, Greenberg will provide the checkbook and Ryan will bring his legendary baseball status to the front office as the new management team will seek to make the right calls to put fans in the seats and banners on the outfield walls.
According to the parties, the sale to the Greenberg-Ryan investor group will be achieved through a voluntary "pre-packaged" Chapter 11 bankruptcy plan that will allow for normal baseball and business operations.
The plan had been previously negotiated and agreed to and will provide sufficient sale proceeds to to the current ownership’s creditors to recoup the full portion of Hick’s Sports Group debt that is guaranteed by the Rangers, while also providing a way for all of the club’s creditors can be paid in full.
The plan has the support of Major League Baseball’s governing body, including Commissioner Bud Selig.
"This plan to complete the sale of the Texas Rangers serves the best interests of the team, its fans, MLB and all other parties involved," Selig said in a statement. "This agreement assures an orderly process to expeditiously transfer Rangers ownership to the Greenberg-Ryan group, and it protects the franchise's baseball operations. Rangers fans can have confidence that their team has the resources it needs to compete."
Nolan Ryan, who currently serves as the team's president and holds the MLB record for career strikeouts and no-hitters thrown, will along with Greenberg also gain ownership of Rangers Ballpark in Arlington and the land surrounding the stadium.
Under the terms of the plan, the Rangers will be able to continue operations within their existing budget, while ticket prices will remain the same and future tickets that have already been purchased will be honored. All player salaries will be paid as planned to players, coaches and team staff, and vendors and suppliers of the club will be paid in full.
"Since 1998, our family has taken great pride and joy in our association with the Rangers," said Tom Hicks, who will be Chairman Emeritus of the Rangers. "We are proud to play an active role in resolving the deadlock in this complex sale process. Rangers fans deserve management's full focus on baseball operations, and Nolan, Chuck and their colleagues will be outstanding stewards of the Rangers."
The Rangers have lived in relative baseball obscurity since coming into the league in 1972, after moving from Washington. The team has no World Series appearances and has not seen a playoff game since 1999.
The team currently holds a 2 game lead in the West division two month into the 2010 season, with a player payroll of $55.3 million, the fourth lowest in the MLB.
Moving forward, Greenberg will provide the checkbook and Ryan will bring his legendary baseball status to the front office as the new management team will seek to make the right calls to put fans in the seats and banners on the outfield walls.
You May Also Be Interested In
- Hertz reports Q2 2026 revenue of $2.4B, up 10% year over year
- Clearway Energy, Inc. (CWEN) files mixed shelf
- Duos Technologies sells rail subsidiary to focus on edge data centers
Create E-mail Alert Related Categories
Corporate News, Insiders' BlogRelated Entities
Bankruptcy, LayoffsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
