Texas Rangers seek bankruptcy protection to help spur US$575-million sale
The Texas Rangers filed for Chapter 11 bankruptcy protection Monday in hopes of spurring completion of the stalled US$575 million sale of the team — and maybe clear the decks for the new owners to make pennant-chasing decisions this summer.
The bankruptcy filing comes four months after Tom Hicks announced an agreement to sell the team to a group led by Hall of Fame pitcher and team president Nolan Ryan and Pittsburgh attorney Chuck Greenberg.
"I did not want to put the baseball future of the Texas Rangers in jeopardy or uncertainty for an extended period of time," Hicks said. "This action is all about creating an end to the impasse in allowing this team sale to go forward."
Under the plan to be presented at a court hearing Tuesday, the Rangers would pay the $75 million of the club's debt tied up in Hicks' financially strapped ownership group. That would remove the team from the additional claims by creditors against Hicks Sports Group that have held up the sale.
The Texas Rangers filed for Chapter 11 bankruptcy protection Monday in hopes of spurring completion of the stalled US$575 million sale of the team — and maybe clear the decks for the new owners to make pennant-chasing decisions this summer.
The bankruptcy filing comes four months after Tom Hicks announced an agreement to sell the team to a group led by Hall of Fame pitcher and team president Nolan Ryan and Pittsburgh attorney Chuck Greenberg.
"I did not want to put the baseball future of the Texas Rangers in jeopardy or uncertainty for an extended period of time," Hicks said. "This action is all about creating an end to the impasse in allowing this team sale to go forward."
Under the plan to be presented at a court hearing Tuesday, the Rangers would pay the $75 million of the club's debt tied up in Hicks' financially strapped ownership group. That would remove the team from the additional claims by creditors against Hicks Sports Group that have held up the sale.
