According to a high ranking source, a Tuesday meeting at MLB headquarters between creditors looking to voice concerns over the structure of the sales agreement for the Texas Rangers from Hicks Sports Group to a collection of 12 investors led by Pittsburgh attorny Chuck Greenberg and current Rangers president Nolan Ryan did not yield anything that could be deemed a deal killer. The source said nothing remarkable took place during the meeting, and as of early Weds. morning, had not heard any other news to think otherwise.
HSG and the Greenberg/Ryan group completed the sales agreement for the Rangers in mid-January. According to Monday’s edition of the SportsBusiness Daily, the specific issues that the creditors have concerns over revolve around “$390M of cash changing hands, with the difference assumed liabilities. And of that the banks would only get $250M, sources said. Before they get paid, according to the deal, [Tom] Hicks would be paid for the real estate around the ballpark, MLB must be paid for loans it forwarded the team, and Rangers investment bankers, Merrill Lynch and Raine get paid too.”
The reported sale price for the Rangers has said to be between $530-$570 million. Once concerns by the creditors has been addressed, final approval by 75 percent of MLB’s 30 owners must occur. The hope by the potential ownership group and MLB is that the ownership transfer is completed before spring training.
Look for more updates regarding the sale of the Rangers as it becomes available
While Creditors Unhappy with Arrangement, Expect Sale of Texas Rangers to Greenberg to Proceed
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