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.