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Texas Rangers Bankruptcy May Take A Dramatic Turn

Posted By admin || 23-Jul-2010

Texas Rangers Bankruptcy May Take A Dramatic TurnThe chief restructuring officer of the Texas Rangers' bankruptcy case, William K. Snyder has stated that he may recommend that the proposed sale agreement of the baseball team to a group headed by Nolan Ryan and Chuck Greenberg be thrown out.

The proposed deal with Rangers Baseball Express was for $575 million, but attorneys for lenders in the bankruptcy case have speculated that a better offer exists for the team. The presumption has been that that offer would come from Jim Crane, a Houston businessman who backed out of a handshake agreement to buy the Astros two years ago.

But unnamed highly placed officials in the MLB say that Crane would never be approved as a Texas Rangers owner by Major League Baseball. And others are saying that if Crane was approved by the bankruptcy court and by the MLB to take ownership of the Texas Rangers it would cause such an uproar amongst Texas Rangers' fans that they franchise could suffer financially if they fans decided to not show up to games and to generally withdraw support from the team.  Even Nolan Ryan has shown a little pessimism in regards to his ability to seize control of the Texas Rangers in bankruptcy.

When asked Thursday if he was worried about the latest development in the sale, Ryan answered, "I don't worry about it, but I think there's a good possibility we might not get it. Just the way they've been letting Crane back in the picture, they seem more concerned with him than anyone else." If the proposed sale doesn't go through, Ryan said, "My position is I'm going to be here through the end of the season this year, and we'll assess where everything is and go from there.

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