MLB Approves Transfer Of Texas Rangers To Greenberg-Ryan Group

The sale of the Texas Rangers has been completed, and Major League Baseball has approved the transfer of the team to the Greenberg-Ryan group after months upon months of a complete legal mess.

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Major League Baseball Approves Sale Of Texas Rangers To Greenberg-Ryan Group

We're done. We're done! WE'RE DONE!

Yesterday, MLB’s ownership and executive committees unanimously approved the purchase of the Texas Rangers by a group led by Chuck Greenberg and Nolan Ryan, and today, the 30 owners have sealed the deal by voting in approving the ownership transfer today at the quarterly meetings in Minneapolis.

As put rather simply by Lone Star Ball:

MLB officially approves the sale of the Rangers to the Greenberg/Ryan group. This is a happy day for Rangers fans.

At long last, one of the wildest ownership sagas in baseball history has come to an end. Chuck Greenberg will serve as managing partner, while Nolan Ryan will continue serving as the team's president. The entire ownership group is expected to be in place by Friday afternoon, when the Rangers host the Red Sox.

Said Greenberg:

"I'm not going to lie to you, it's pretty cool."

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Coincidence? Ranger Michael Young Hits Grand Slam Same Time As Greenberg/Ryan Bid

As the Texas Rangers bidding war carries on in the courtroom, the actual baseball team is locked in a tight game with the Mariners. Well, they were locked in a tight game. At around the same time the Greenberg/Ryan Group submitted their game-changing bid to own the Rangers, Michael Young hit a game-changing grand slam.

Take that as a sign if you like. Of course, they are playing the Mariners after all, so, these things happen.

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Greenberg/Ryan Group Offer $365 Million In Latest Rangers' Ownership Bid

And back and forth they go in the Texas Rangers bidding war…

After Mark Cuban’s group put up a bid of $355 million, including $208 million in assumed liabilities, you might have thought that would be too rich for Nolan Ryan and The Greenberg Group’s blood. But then maybe you haven’t been paying attention.

Greenberg has countered with a bid of $365 million and has offered to remove escrow.  The total value of the Greenberg-Ryan offer is about $585 million compared to $563 million for the opposition.

As of 12:40pm EST, Judge Russell Nelms has called for a 15-minute recess. And now we wait to see if Cuban and his partners go all-in.

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Rangers Auction "Unfair" And A "Mess" According To Ryan's Lawyer

As the auction for the Texas Rangers goes into the night, Nolan Ryan’s Group isn’t pleased with the way the process has gone down.

Thomas Lauria, a lawyer for a company led by Hall of Fame pitcher Nolan Ryan and attorney Chuck Greenberg, said the auction was “unfair” and asked that Judge D. Michael Lynn, who is overseeing the Rangers’ bankruptcy, rule on their complaints before bidding continued.

“The process is a mess right now,” Lauria said in court.

That still hasn’t prevented the judge from allowing bids to continue. Mark Cuban’s group has gotten theirs up to $355 million, way up from his initial $335 million bid.

Right now it’s a matter of Ryan’s group protesting the validity of Cuban’s bid, as they don’t seem willing to go higher. The process continues on.

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Mark Cuban's Texas Rangers Bid Higher Than Nolan Ryan's On First Day Of Auction

The showdown for the right to purchase the Texas Rangers got underway Wednesday and the group headed by billionaire Dallas Mavericks owner Mark Cuban was more aggressive than The Greenberg-Ryan group, headed up by Nolan Ryan.

Court documents indicate the Greenberg-Ryan group’s starting offer was about $520 million, including more than $300 million in cash and more than $200 million of the team’s debt — including $24.9 million in deferred compensation owed to Alex Rodriguez six years after he was traded to the New York Yankees.

Rangers attorney Martin Sosland said the bid by Cuban’s group — which includes Houston businessman Jim Crane — was about $25 million more than the bid submitted by the Greenberg-Ryan group. Sosland did not reveal the total amount or what it included.

Later, Greenberg-Ryan offered $2 million more than Cuban’s group, which then upped the ante by $15 million — to about $335 million as the cash portion of the total offer.

Ultimately Major League Baseball can decide who they allow to buy the Rangers, even if it’s the second-highest bidder. Though if they do, they could face fines for rejecting the highest bidder without a credible reason.

This should get fun. Lone Star Ball will stay on top of the story as it develops.

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