If, unlike me, you have nine figures burning a hole in your pocket, you may be interested in participating in a July 16 auction for the mired-in-bankruptcy Texas Rangers. The neverending saga of the Rangers sale may be finally coming to a close, as the frontrunning Greenberg-Ryan group has its price established at $502 million, with any new auction bids required to be greater by at least $20 million.
The interesting backstory is that a previous suitor may reemerge in the group fronted by Houston trucking magnate Jim Crane, who actually outbid Greenberg-Ryan. From the Dallas Morning News article (link up top):
Lenders also claimed that Houston businessman Jim Crane had been the highest bidder last winter, but that baseball commissioner Bud Selig forbade negotiations with Crane.
Instead of the Rangers’ “pre-packaged” bankruptcy plan sailing smoothly through bankruptcy court in Fort Worth, Bankruptcy Judge Michael Lynn appointed William K. Snyder as the team’s chief restructuring officer. Last week, Snyder recommended a new round of bidding.
If anything, this appears to be a last-ditch attempt to wring out more money to creditors than anything else. The Greenberg-Ryan group’s bid, in combination with $75 million guaranteed by previous owner Hicks Sports Group, would get the number just over the $576 million that is owed.
Though the Rangers are doing well on the field right now, it’s clear that the team is struggling to make ends meet. Capmaker New Era claims that the Rangers are over $100k in arrears, and that the bankruptcy could wipe out the bill. I’ve got a solution: Make the Rangers play without caps for the rest of the season! That’ll go over well during the coming oppressive Texas summer heat (mitigated by the high percentage of night games played).
I’m in. I got.. uh.. let’s see here…. pocket lint… mustache wax…. key to the old apartment gate…. some tissue… oooh, a shiny 2010 penny! Will that get me a say in team matters?
@LoneStranger – you can have the George Costanza memorial “assistant to the traveling secretary” position.
Do you think Bud Selig will pull the trigger on T-rights for the A’s in SC County after the Rangers’ July 16 auction, just in time (by Aug. 3) for the SJ city council to put the ballpark on the ballot for the November election?
Heads up that the Sunday Chron has Andy Dolich writing about why the A’s have cut their own throat on attendance and should say in Oaktown….early edition on sale now, not available online yet. I don’t agree with him, but it’s something of a counterpoint to Larry Stone’s piece last week.
Good to know. I don’t expect anything less from Dolich.
I think Andy is right about the A’s staying in Oakland. It just doesn’t make sense to move the team to San Jose or anywhere else.
Here’s a link to the Dolich op-ed piece:
As I recall AD pretty much said the same thing about the ‘9ers stadium and than was dismissed from their operation shortly there after—Purdy has an article in today’s Merc that pretty much summarizes the status—bottom line BS needs to step up to the plate—but based upon his history I find it hard to believe that he will—
What the hell has Dolich been smoking? Anyhow, he’s more than entitled to his opinion (sober or not).
time out…..how is tony d any less trollish than navigator?
I’ve had to smack down Tony several times in both the comments and via e- mail. To answer your question, he hasn’t been nearly as city-baiting as Nav.
Speaking of “smack down” R.M., are you going to do a post on Purdy’s piece from this morning? MP’s been one of the better SJ champions over the years, but this mornings Merc piece still has me scratching my head. He wrote a horrible article last week blaming the Raiders for the Jamarcus debacle; now he’s suggesting that the A’s future in the South Bay is in question and that the “BR” panel is somehow helping Oakland with a ballpark (YEAH RIGHT!). Let’s just say I’m having a hard time figuring out just what MP’s motive is with this article (prod SJ into more action? Get Selig to make a decision pronto?). Anyhow, I’ll have more if you post about it; if not, no big deal.
Tony D—pretty much think that Purdy hit it on the head—lots of frustration all the way around especially by Wolff—everyone’s beleif that BS would step in and take care of the territorial rights issue is beginning to vanish—Neukom must have pictures or something—because BS is like a deer in the headlights right now—actually he has always been that way–
You’re right; Purdy hit it on the head with the all around frustration part. What I don’t get are the suggestions that the committee is somehow in Oaklands corner/helping them with a ballpark effort OR that the A’s are now unsure about a South Bay future. Perhaps he wanted to add some classic media sensationalism to his piece. Purdy also forgets, or leaves out, the fact that MLB is in charge here, not Neukom and the Giants; that’s a fact! Purdy knows that and why he chose to ignore it this time around is beyond me. Look, we are all frustrated at not hearing from the committee, but 1) SJ still has yet to acquire all the ballpark land (Purdy did mention that), 2) There’s no magic date by which a decision must be made; i.e. a decision must be made by August 1, 2010 or SJ is forever doomed and 3) MLB still believes that SJ needs to get voter approval to know for sure a ballpark will happen if they get rid of the territorial rights. And again, for the record and per SJ Muni code 4.95.010, a vote by SJ citizens is ONLY NEEDED if direct taxpayer monies go into a ballpark. If anyone needs a reminder, Wolff/A’s will privately finance the ballpark in SJ.
@Tony–we all like to cite that MLB is in control but obviously Neukom is pulling the strings right now–which is why Larry Stone wrote to Op Ed peice in the Chron and why Wolff cited his frustration with Neukom. San Jose will not acquire the remaining parcels until they know if the ballpark will happen–why tie up another $20M today when nothing will be slated for that area in terms of development.
The clock is ticking–as Wolff said the lack of decision is impacting the A’s on and off the field—bottom line–unless BS steps up and twists a few arms to get the 3/4 vote of the owners this thing could continue to drag out well beyond opening day of next year
Respectfully disagree on SJ not acquiring the last parcels for the ballpark. Not only would having the entire site in hand look good to MLB, in the event of no ballpark, the plot would be ripe for development, especially with the coming HSR/BART Diridon Station. Besides, SJRA sold two downtown plots to Sobrato Co. just to complete said acquistions (after of course Bob DuPuy/Wolff met with Mayor Reed in April ;o). Perhaps MLB is being stand offish on the territorial “dispute,” seeing if Wolff and Neukom can work something out on their own. But again, if Wolff/SJ go to Selig/MLB and state “We have the land in hand, EIR’s completed, financing in place, and we’re ready to go!” (throw in no public vote for the clincher) I’m extremely confident that MLB will convene and end this territorial nonsense, with some sort of compensation package for the Giants of course. I tell yah R.M., once all of this is over and the first game is held at Cisco Field, that first Blue Moon is going to tast mighty good! Like I’ve said in the past, “Someday this war’s gonna end”- Col. Bill Killgore, Apocalypse Now.
HSR/BART Diridon Station is a pipe dream. I highly doubt that will ever happen. Maybe 20 years from now, if then.
Whatever you say, Dennis…
Thats why HSR was approved by the voters last year. Twenty years may be the case, but most of us are looking in increments of greater than two to three years from now; thats why many of us are frustrated with the lack of what Oakland has NOT done – they’ve HAD twenty years…