generic cialis online prescription pharmacy direct gb reviews buy clomid 100mg amaryl mg order buy thyroxine dogs cheap avapro sale uk ivalia dermis palmas gran canaria travel insurance rx pharmacy online canada wellbutrin xl usa what is sarafem drug buy drugs no prescription colchicine 100 mg trazodone high can you buy tenormin generic amitriptyline 20 mg buy glucotrol xl astrailia cafergot with paypal payment what is mylan baclofen used for comprar lasix online buying purinethol from canada no prescription keftab canadian online overnight pharmacy side effects of korean ginseng extract long time side effects relafen viagra jelly how to buy phenergan suppository storage us online pharmacy no prescription antivert buy aspirin no prescription buy lipitor pills online purchase amoxil in usa arimidex pct for sale viagra soft mg canadian rx capoten mg tablet what is the generic for maxalt-mlt lloyds online pharmacy doctor ordering lexapro on line buy abilify generic discount price ephedraxin tablets purchase on line sale prescription cod lopressor buy zithromax new zealand online indian military alliances exelon in italia valtrex 500mg side effects zyprexa perth australia drug market order doxazosin where to get cytotec in dubai colchicine online pharmacy drugstore buy desyrel online canada no prescription cialis tadalafil 100 mg. 30 tablet coumadin epocrates online trileptal 100 review rhinathiol 375 mg expectorant is mail order aldactone safe best nolvadex dosage pct elimite order online what date does lipitor go generic tenormin 50 mg daily pramipexole depression side effects bioidentical testosterone cream side effects liquid innopran xl review avodart over the counter drugs order allopurinol pill buy imitrex what is zanaflex compared to soma zerit to buy in england fast serpina deleviery mircette treat hair loss advair diskus 40mg can i buy painkillers online no prescription pharmacy 5mg cialis how long does it take for flomaxtra to work phenergan cheap generic for celexa 10 mg what symptoms does claritin d treat metformin side effects liver lamisil over counter cream buy topamax paypal accepted zithromax prescription information generic uk paypal tinidazole average cost of generic zoloft zyprexa overdose treatment what does norvasc 10 mg look like sinequan now co uk how to take xenical pills online pharmacy consulting generic how to get paxil in australia hyzaar 5mg tablets order diclofenaco voltaren andkon arcade 1000 free flash games online very cheap coreg what infections is omnicef used for low price v-gel uk do i need antibiotics for sinusitis tadapox sale cialis pills pharmacies prescription buy cheap arimidex can order cialis online diflucan fluconazole dosage onde comprar orlistat mais barato can we trust renagel online cialis for women side effects best site get zestril lipitor reviews and dosage ultra low dose desyrel meclizine weight gain andorra levothyroxin online acai berry and heart medications can you buy lithium uk retin a cream 0.025 price do you need a prescription for antivert how much will isoniazid cost zithromax 1000 mg precio discount cephalexin 500mg online singulair paediatric 4mg granules sachets price of zyvox 500 mg keppra barato generic for estrace cream bactrim canada head office how to get speman drug venta pastillas para abortar chile ordering dilantin long term side effects of taking alli buy no prescription fast delivery cheap accutane normal glucophage dose sildenafil citrate tablets 100mg reviews mail-order tinidazole online prednisolone india buy compazine online from usa online levitra canada lotrisone lotion over counter fastest albendazole uk delivery pilex best price buy toprol xl 50 buy cephalexin astrailia serophene success to buy cialis super active fastest indinavir uk delivery what is acai pills used for astelin to buy from europe starlix usa sale plavix generic usa generic meclizine buy canada buying generic lipitor online pharmacy drugstore cheap abilify 11 pharmacy how to take abilify nootropil 20 mg what is ventolin used for order hcg pharmacy escrow order erection packs 1 from canada without prescription can i make lariam correct dosage of prednisone in dogs serevent from usa buy kamagra viagra discount best site get doxazosin generic premarin 625 what is toprol xl made of how much do lamisil tablets cost best place buy elocon pct tricor global services where to buy casodex ointment aciclovir online forum rumalaya forte low dose birth control lipitor indications and usage celebrex tablets uses mexican pharmacy no prescription emsam buy cialis soft without a prescription from canadian pharmacy estrace over counter pet drugs online uk buy propranolol 5 procardia xl 90 mg price to buy lincocin azithromycin dosage children ml benzac tablets uk buy viagra super active online safely finpecia where can i buy accutane acne.org log clomiphene citrate clomid serophene side effects order 50 mg januvia no prescription trandate online usa vancouver british columbia pharmacies caverta coupons cost of levlen pill purchase sominex cheap where to buy pyridium drugs online buy tenormin in usa side effects for metformin medication imitrex no prescription reviews canadian viagra jelly tablet tablets for increasing sex power naprosyn sr tablet 1000mg coumadin on line buy tadacip 200 hsu ginseng free shipping code purchase minocin 100mg western drug ginette-35 ephedraxin 20 mg famvir from india indian albendazole mgb cheap crestor online misoprostol cytotec precio argentina why is there a shortage of flonase buy indocin in usa all types of drugs wiki celebrex without can i get orlistat on prescription promethazine dm shelf life cheap retin a gel canadian crestor cephalexin cheap uk generic eldepryl for sale on line buy brand detrol shelf life of prednisolone syrup do i need a prescription for cipro buy flagyl 500 mg no prescription promethazine pills or syrup venlor online meds hoodia cheapest buy reminyl online without cleocin online zanaflex without prescription miami alesse 21 acne zenegra where to purchase hydrocortisone cream on face what is ciprofloxacin hcl for mexican pharmacy no prescription viagra super active online soft tabs viagra overnight buy finast no prescription where to buy protonix online where to buy prandin ointment buy pravachol next day atrovent generic 2013 drugs order synthroid online no prescription with a mastercard is voltaren available over the counter in canada can zestoretic get you high acquistare aciphex in italia aldactone comments topamax side effects weight loss citrato de sildenafila medley prec,o taking accutane alcohol cheap kamagra wholesale drugstore how many milligrams of aspirin is safe to take daily order voltaren without prescription buy cardura xl doxazosin american differin how to order brand cialis online brand name beconase aq online crestor purchase in canada no prescription cheap lamisil tablets vasodilan generic 2013 drugs z pack side effects rash arimidex dosages cycle compare antivert prices where to buy amaryllis belladonna canadian keflex antibiotic shot buy generic cyklokapron online online drugstore in the us buy benzac no prescription where to buy orlistat in canada pharmacy has best price trileptal can you purchase viagra over the counter uk without himalaya purim tablets price cheapest place to buy alli weight-loss aid strattera medication keflex by mail abilify and low blood sugar diclofenaco sodico inyectable interacciones buy albenza astrailia generic for tri-levlen 28 indocin medicine ordering viagra super active online drug shop discount what does tetracycline 500mg treat vantin uk brand name without purchase abilify generic for bactroban how to cure exercise induced asthma proscar australia erythromycin online sales prices viagra india cheap erectile dysfunction drugs generic seroflo us lasix medicine used for diflucan 150 mg cost really oily skin after accutane online pharmacy lopid compare prices femara viagra side effects..how long side effects of champix 2012 hoodia mail order india diovan hct drug class adalat on sony tv online medication definition buy coversyl purchase snovitra super power online order elavil uk pharmacy i want to buy gabapentin from canada how long will it take for strattera to work depakote lawsuit settlements buy flomax in usa buy medrol generic online antibiotics no prescription uk paroxetine next day shipping buy styplon singapore buy abana pharmacy online atorlip-5 uk brand name what does the drug reminyl used to treat cheap calandar order does bupropion cause weight gain sominex maximum strength reviews how fast does propecia work cvs pharmacy online circular fda approved valtrex no prescription best place to buy augmentin without a prescription abilify.com buy cheap lanoxin pills tricor share price side effects of inderal 120 cheap australia buy metformin buy benadryl cheap buy suhagra tablets comprar cholestoplex original is citalopram legal in uk generic pills for extendaquin imitrex online legally acheter ventolin trazodone maximum daily dosage kamagra oral jelly suppositories buy prometrium capsules vs progesterone suppositories medicine ciprofloxacin hcl used canadian alliance terminals ltd contactflomax shortage 2012 current price compazine baclofen brand name india use promethazine coupon online discount cialis no prescription buy v-gel online pharmacy pills that get you high when snorted generic name for aceon hyzaar ds 100mg/25mg is there a generic substitute for plavix rocaltrol mims malaysia can you buy prednisone in canada how much does generic strattera cost buy kamagra 100mg chewable sildenafil citrate best high blood pressure medication can i get antibiotics online cheap finpecia free delivery starlix express canada how much is seroflo tablets is cialis for men or women online forum fexofenadine order allegra 100 mg albendazole aldactone tab 100 mg endep medication depression buy elocon online europe buy inderal capsules buy buspar online with out prescription buy raquel allegra online does cvs caremark cover viagra order doxycycline uk 100mg buy kamagra gold online from usa prescription finpecia how to use cephalexin flagyl from india doxazosin without a prescription levitra 20mg en ligne duoc my pham canada tadapox generic name flomax italiano buy minocycline cheap buy cheap pletal using pay pal canadian prescriptions by mail discount canadian pharmacy danazol can you buy flovent online opportunity atarax 100mg vidal cialis generico comprar espan~a order allium porrum cheap elavil canadian pharmacy prescription needed no priscription needed pharmacy benicar overnight pharmacy trental 400 mg alkohol nexium dosage range how to use promethazine with codeine compazine 20mg tab paroxetine in canada diclofenac gel reviews accutane prescription price isotretinoin no prescription buy actos online tricor services malaysia order voltaren tablets hoodia and blood pressure medication aarp medicare rx preferred mail order pharmacy warfarin mechanism of action diagram discount anafranil mail order generic acai what is acai berry juice for digoxin reviews for men lioresal it 40 mg/20 ml kit mirtazapine 45 mg sleep clomid uk brand name actoplus over the counter canada high dose hoodia what does liquid arimidex taste like didronel pharmacy where to buy cheap generic lisinopril zyrtec uk brand name order biaxin rx lotrisone cream in india phone in order for mestinon dramamine no rx does viagra work the first time men coumadin cheap is decadron over the counter ethionamide online with out prescription ciplox over counter uk american ginseng root tea what is thalidomide used for now fluoxetine hcl 20 mg tablet indinavir india viagra professional mg buy aciphex dosage directions can you buy abilify in ireland best non prescription anxiety pills western drug pravachol allopurinol generic reviews can i buy claritin over the counter seroquel prices at costco buy female cialis in australia diclofenac cvs pharmacy comprar propecia en argentina cordarone cheapest viagra jelly online sale of amoxil tetracycline dog side effects buy prednisone online amazon zyprexa lawsuit settlement seroquel emc spc buy nymphomax in india online what does abilify feel like buy atorlip 5 discount illegal drugs in usa arimidex discount voucher assistance with cost of plavix order voltaren pill lincocin im dosage over the counter duetact low cost diclofenac gel prandin generic patent no prescription doxycycline tablets famvir dosage for herpes order generic mevacor ortho tri cyclen generic name long time side effects atorlip-20 buy styplon lowest price xanax wiki deutsch viagra rx;s ru trial 2 where to buy viagra with mastercard rumalaya forte tablets for sale generic cleocin gel switzerland clomiphene side effects clomid periactin online uk ortho tri cyclen from canada without prescirption 100mg wellbutrin pills hytrin over the counter bystolic drugstore american revatio generic hytrin uk paypal cleocin and birth control pills zyvox cost per dose average wholesale purchase benadryl dogs breaking lipitor tablets walmart pharmacy celebrex cost lozol without prescription miami combivent side effects weight gain phone in order for voveran sr seroflo refill pack canadian pharmacy liposafe viagra usa legal rizatriptan vs maxalt cost of atorlip-20 without insurance augmentin canada head office cheap diclofenac online without canadian lopressor western australia luvox ocd medicine arava institute wiki when will generic viagras be available buy eulexin quick flagyl er discounts codes lanoxin canada head office im hydromorphone injection what is imitrex shot buy zanaflex overnight robaxin 500 dosage lisinopril cheap uk pharmacy acai berry better than blueberry discount finpecia otc speman ordering no prescription procardia where can i buy side effects of women taking viagra where to buy albuterol sulfate what is the drug classification for lanoxin cheap genuine purim online protonix online store voltaren medication pain
Home MLB News MLB Club Sales Texas Rangers Voluntarily Go Into Chapter 11 Bankruptcy to Finish Sale to Greenberg/Ryan Group

Like Shoot to Thrill - An AC/DC Tribute on Facebook!

An authentic tribute of AC/DC that covers the best of the Bon Scott era and the best of Brian Johnson's material

Who's Online?

We have 476 guests online

Atom RSS

Texas Rangers Voluntarily Go Into Chapter 11 Bankruptcy to Finish Sale to Greenberg/Ryan Group PDF Print E-mail
User Rating: / 25
PoorBest 
MLB Club Sales
Written by Maury Brown   
Monday, 24 May 2010 10:19

Texas Rangers

THIS IS BREAKING NEWS...

Texas Rangers Baseball Partners, the current owners of the Texas Rangers Baseball Club, and Rangers Baseball Express, the local investor group led by team president Nolan Ryan and Chuck Greenberg, today announced a plan to facilitate completion of the previously announced sale of the Club to the Greenberg-Ryan group.  The sale of the Club and its lease of the Rangers Ballpark in Arlington, together with the separate sale of the land around the Ballpark, have an aggregate transaction value of approximately $575 million.

The Rangers sale will be accomplished through a voluntary, “prepackaged,” court-supervised process under Chapter 11 of the U.S. Bankruptcy Code pursuant to a plan previously negotiated and agreed to by the current Rangers owners and the Greenberg-Ryan group.  The prepackaged plan, which is supported by Major League Baseball, current Rangers ownership, and the Greenberg-Ryan group, provides sufficient sale proceeds for the Rangers creditors to recover 100 percent of the portion of HSG Sports Group’s debt that is guaranteed by the Rangers and for all Rangers creditors to be paid in full.

Texas Rangers Baseball Partners has requested that a hearing be held in 45 days to confirm the proposed sale and plan of reorganization.  The sale is expected to be completed by mid-summer, subject to court approval, which will then allow the franchise to exit the Chapter 11 process.

It should be noted, Hicks Sports Group, the holding company that is attempting to complete the sale to the Greenberg/Ryan group is $525 million in debt to 40 creditors. Those creditors and HSG have been at a stalemate over the sale for months. The latest restructure plan by Texas Rangers Baseball Partners, with MLB's blessing, was not made known to the creditors in advance of the announcement today. With the plan ostensibly fulfilling the debt surrounding the Rangers sale, it is unknown what legal footing the creditors have in chellenging the move.

“This plan to complete the sale of the Texas Rangers serves the best interests of the team, its fans, MLB and all other parties involved,” said Baseball Commissioner Allan H. (Bud) Selig.  “This agreement assures an orderly process to expeditiously transfer Rangers ownership to the Greenberg-Ryan group, and it protects the franchise’s baseball operations.  Rangers fans can have confidence that their team has the resources it needs to compete.  Clearly, this could not and would not have happened without Tom Hicks’ leadership and hard work over a long period of time.”

This process and sale are expected to have no impact on Rangers baseball operations.  While the sale is being completed, the current owners will continue to have control of the Club.  Motions have been filed with the court in order that:

  • The Rangers will be able to operate within their existing budget to sign and acquire amateur, international and professional players
  • Ticket prices remain the same and purchased tickets will continue to be honored
  • The fan experience at Rangers Ballpark will be unchanged, with all current amenities and promotions continuing as usual
  • All salaries will be paid
  • Rangers vendors and suppliers will be paid in full

“Since 1998, our family has taken great pride and joy in our association with the Rangers,” said Tom Hicks, who will be Chairman Emeritus of the Rangers.  “We are proud to play an active role in resolving the deadlock in this complex sale process.  Rangers fans deserve management’s full focus on baseball operations, and Nolan, Chuck and their colleagues will be outstanding stewards of the Rangers.  We stand ready to support them in every way possible, and as huge fans we will continue to cheer the Rangers on to the ultimate goal of a World Series championship.”

“Our goal is to move forward with our plan to create a long-term record of success and championships,” said Nolan Ryan, who will continue to serve as Rangers president.  “We will achieve that by being active in the player acquisition market as well as our ongoing commitment to develop players through one of the league’s best farm systems.”

“We are pleased to take this important step towards completion of our transaction,” said Chuck Greenberg.  “Tom Hicks has laid the groundwork for this sale in a manner that best addresses the interests of the Texas Rangers as well as all parties that have a stake in the team.  His agreement to sell the land around the Ballpark  in order to facilitate the sale of the Rangers is just one example of how he has been instrumental in achieving a result that is best for the franchise and its fans.  For our group, the focus will be on rewarding Rangers fans with great performance on the field and memorable experiences in the stands and in the community.”

“Nolan Ryan has a proven track record with MLB club owners and I am prepared to submit this to the owners promptly for their approval,” said Selig.  “Chuck Greenberg and this group of local investors are dedicated to building the franchise’s value and continuing the team’s contributions to the Dallas-Fort Worth community.”

MLB has agreed to provide the Rangers with a new credit facility to ensure that the Club continues to meet all of its obligations while the sale is being completed.

In a separate transaction, Ballpark Real Estate, L.P., an independent investment vehicle controlled by Tom Hicks, whose family also controls HSG Sports Group and its subsidiary Texas Rangers Baseball Partners, entered into an agreement to sell or transfer to the Greenberg-Ryan group approximately 153 of the 195 acres around the Ballpark and Cowboys Stadium that is owned or controlled by Ballpark Real Estate or the Hicks family.  Rangers Baseball Express required this land as a condition to its willingness to purchase the Texas Rangers.  In return for the transferred land, Ballpark Real Estate will receive cash, notes, and an ownership position in Rangers Baseball Express.

HSG Sports Group and its other primary asset, the Dallas Stars hockey team, are not included in the filing.

The filing took place in the U.S. Bankruptcy Court for the Northern District of Texas in Fort Worth.  The Rangers filed customary “First Day Motions” with the Court, which are intended to ensure that the process is seamless and has no adverse impact on the Club’s operations, employees and suppliers.


Maury BrownMaury Brown is the Founder and President of the Business of Sports Network, which includes The Biz of Baseball, The Biz of Football, The Biz of Basketball and The Biz of Hockey, as well as a contributor to Forbes SportsMoney blog. He is available for hire or freelance. Brown's full bio is here. He looks forward to your comments via email and can be contacted through the Business of Sports Network.

Follow Maury Brown on Twitter Twitter

Follow The Biz of Baseball on Twitter Twitter

FacebookFollow the Business of Sports Network on Facebook

 
 
Banner

Poll

Should MLB Force Jeffery Loria to Sell the Marlins?