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Rangers Bankruptcy Hearing Cancelled

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According to Evan Grant of the Dallas Morning News, tomorrow’s scheduled hearing for the Rangers proposed one day auction sale has been cancelled.

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Grant writes:

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↵Kaplan reports that court-appointed Chief Restructuring Officer William Snyder says he could not recommend the bidding process to which Chuck Greenberg, Nolan Ryan and their partners were willing to agree to waive their exclusive negotiating rights.↵

Greenberg and Ryan had agreed to parameters that would have called for a one-day auction on July 16 in which they would have been afforded “stalking horse” status. it also called for a separation fee of $15 million if Greenberg and Ryan lost the exclusive negotiating rights and it called for a minimum incremental increase in bids by $5 million. That means that anybody outbidding the Ryan-Greenberg bid would have had to agree to pay at least $20 million above the current agreed-to- deal. That sales price is believed to be approximately $575 million, with about $304 million in cash.

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Adam Morris over at Lone Star Ball doesn’t believe that this is good news and it’s difficult not to agree. This looks like yet another delay in the sale of the Texas Rangers.

Photographs by jamesbrandon, jdtornow, phlezk, flygraphix, mcdlttx, tomasland, and literalbarrage used in background montage under Creative Commons. Thank you.