According to multiple sources, Major League Baseball commissioner Bud Selig will seize control of the Texas Rangers from Hicks Sport Group and forcibly sell the franchise to a group led by Pittsburgh sports attorney Chuck Greenberg and former pitcher Nolan Ryan.
Hicks, whose troubles as a co-owner of Liverpool FC have overshadowed the ongoing problems at the Rangers, has reportedly been offered US$570 million for the Rangers and 154 acres of land surrounding their Ballpark.
‘If the action is taken, it is believed that the creditors would look to force the Rangers into involuntary bankruptcy with the hope of having prior bidders Jim Crane or Dennis Gilbert offer up more money to satisfy more of HSG’s $525 million in debt, while MLB would argue that historically professional sports leagues have been able to select who owns clubs within a league format, regardless of whether the selected owner is offering less than other bidders,’ reports Biz of Baseball.
‘Baseball wishes to see Nolan Ryan involved, given his strong standing in baseball. Selig would use the “best interest of baseball” clause from the league constitution.’
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Hicks, whose troubles as a co-owner of Liverpool FC have overshadowed the ongoing problems at the Rangers, has reportedly been offered US$570 million for the Rangers and 154 acres of land surrounding their Ballpark.
‘If the action is taken, it is believed that the creditors would look to force the Rangers into involuntary bankruptcy with the hope of having prior bidders Jim Crane or Dennis Gilbert offer up more money to satisfy more of HSG’s $525 million in debt, while MLB would argue that historically professional sports leagues have been able to select who owns clubs within a league format, regardless of whether the selected owner is offering less than other bidders,’ reports Biz of Baseball.
‘Baseball wishes to see Nolan Ryan involved, given his strong standing in baseball. Selig would use the “best interest of baseball” clause from the league constitution.’
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