order apcalis sx uk buy dostinex in usa etodolac discount copay order singulair order meclizine dosage buy valtrex 500 mg rogaine 2 discount nizoral cheap kamagra oral jelly malaysia flagyl er discount diclofenac gel discount zentiva order evista powder female cialis discount how does order innopran xl price cheap hair loss reasons buy bupropion sr libido toradol discount programs cholesterol lowering discount smoothie order calendar buy capoten at walmart abilify discount code cheap muscle relaxant guidelines buy kamagra chewable review buy tofranil reviews buy zithromax canada bystolic discounts order lopid dosage buy accutane us order frumil ls cheap micronase price rumalaya forte discount review buy elavil uk order ginseng seeds buy revatio new york buy toradol dosage buy quetiapinum qtc buy l-tryptophan powder buy rosuvastatin africa cheap female cialis viagra cheap doxazosin prescription buy kamagra oral jelly does it work buy anafranil online buy cheap neurontin buy emsam wholesale diclofenac gel discount or ibuprofen order rogaine 5 biovea mircette discount coupon cheap mevacor lovastatin buy lithium cells cheap hair loss experiences urispas discount card buy clomid testosterone buy ginseng uk buy rogaine 2 foam buy men;s health facebook cheap anti viral avg antivirus buy abilify rid tretinoin 0 05 discount harga buy cabergoline research chemical endep discount order remeron from mexico order hair loss xanax buy zetia you order remeron can cheap elocon buy buy menosan comprime's buy viagra soft europe cheap abilify australia buy diclofenac tablets online order eurax hydrocortisone discount on alli cheap rental new york cheap effexor xr birth defects buy asacol online buy legit accutane buy rogaine 2 canada walmart buy levitra plus the counter exposed skin care order tracking buy rogaine 2 montreal buy nexium online uk prednisone mail order buy generic ventolin cheap lioresal buy shuddha guggulu discount opinie order tadalis sx pharma generic cialis order propecia zimbabwe cheap canon lenses for sale cheap prevacid online female viagra discount nz buy hydrea work buy maxalt online uk order dipyridamole canada order diclofenac gel cvs cheap v gel polish buy lioresal place buy prednisolone acetate cheap fml forte ingredients lasix discount get sleep aid discount counter order benfotiamine the uk cheap femara australia cheap lithium polymer batteries buy calendula oil buy combivent generic order diclofenac zealand cholesterol lowering discount ldl without drugs buy synthroid online pharmacy cheap viagra super active effects order lasix overnight delivery buy ortho tri cyclen emergency contraception buy clomid 100mg online buy viagra plus singapore cheap betoptic bula tenormin discount card buy glucotrol xl dailymed buy zyprexa africa cheap viagra sublingual dosage cheap desyrel high actors names alphabetical order cheap cephalexin yeast buy nexium over the counter buy strattera cheap buy cialis canada buy cymbalta generic online buy minocycline uk buy mentat ds syrup of himalaya buy zetia generic buy mentat tablets cheap cytoxan buy ashwagandha sensoril venlor discount vouchers buy ventolin inhaler order pain relief after tooth extraction cheap cialis sublingual xanax zantac discount buy rhinocort aqua pain relief discount dogs buy nolvadex ireland cheap cytotec jenjarom buy arava the counter buy cheap lamisil order moduretic lek buy alli online cheap nitroglycerin discount buy buy arava vietnam order furosemide lasix cheap wellbutrin sr manufacturer coupons antabuse discount price cheap lotensin generic buy alli boots cheap female cialis for sale cheap casodex buy cheap lanoxin australia cheap paroxetine yawning cialis jelly discount wirkung order levitra professional order tulasi nair buy suhagra duralong buy kamagra from india cheap glucotrol xl half life order glucotrol xl how it works buy cytotec for abortion cheap ginette 35 effects tretinoin 0 05 discount review buy zoloft in usa order meclizine in canada buy zyvox work mango order status arava discount program noroxin discount code aleve discount vouchers discount for viagra order benfotiamine liquid buy bystolic bali buy arava cream cheap lady era rock buy viagra plus gel order effexor xr birth defects order prazosin nightmares buy periactin legal zerit discount vouchers buy tinidazole dosage cheap ortho tri cyclen yahoo answers order mentax tablets viagra pro discount tablette buy glucotrol xl drug class hair loss discount blog cheap neurontin high order zetia australia buy yagara naruto buy dostinex you order alli slimming tablets cheap pletal uk pravachol discount online cheap actoplus met manufacturer coupon buy amitriptyline for cats buy cialis jelly wirkung buy bupropion sr erowid order nitroglycerin order clomid over the counter buy cytotec malaysia grifulvin v discount tablets side effects order requip powder cholesterol lowering discount unclog arteries order weight loss challenge buy viagra soft high street order starlix prescription nizoral discount cheap amitriptyline online buy anafranil in australia wellbutrin sr discount insomnia order cymbalta kong order bystolic samples buy toradol legal order actoplus met medication guide buy bystolic in europe cheap cialis super active information cheap pure acetone buy diclofenac drug cheap hotels in negril jamaica all inclusive ortho tri cyclen discount yasmin order valtrex online buy rosuvastatin from uk order mango earl stevens buy combivent inhaler online buy premarin 0.625 mg buy periactin online order diclofenac gel brand name cheap metformin online buy augmentin bulk cheap penegra zydus januvia cheapest price order accutane dubai buy emsam new york order requip can order tadalis sx tadalis-sx vs tadacip buy pyridium singapore order viagra super active cheap differin jel levitra professional discount cheap generic buy propecia mastercard order anavar buy ditropan vidal buy nitroglycerin vancouver order glucotrol xl gain buy baytril for rats online cheap strattera alternatives buy amaryl online order benfotiamine neuropathy amitriptyline to buy pamelor discount coupon buy levitra super active online buy kamagra with paypal cheap cialis professional nuovo buy coolant order tretinoin 0 05 nuface order serophene wiki buy cardizem next day delivery buy purinethol need order zanaflex safe order wellbutrin sr just once a day order clomid australia pravachol discount get buy urispas zealand cheap alli mexico cheap singulair 10mg buy hydrea usa cheap cholestoplex buy men;s health problems exposed skin care order status buy men;s health xtreme muscle pro order betnovate cream online cafergot discount vouchers buy zithromax paypal order actoplus met loss buy kamagra oral jelly ebay order compazine suppository buy olanzapine uk cheap lady era pills results stromectol discount buy ciprofloxacin eye drops shuddha guggulu discount work cheap real kamagra cheap v gel manjakani order tricor australia order toradol prescription seroflo discount voucher order femara best place ampicillin discount vouchers cheapest strattera online buy shatavari yrtti buy diclofenac potassium online uk order cialis professional lilly cheap imuran cheap apcalis sx oral jelly uk order mango pure cleanse buy generic zovirax tinidazole discount code buy dutas generic online buy antivert angeles order amantadine uk cheap lady era pills review cheap inderal buy buy luvox online order toprol xl quetiapine fumarate buy xalatan from canada buy canadian prednisone cheap avapro irbesartan buy trial erection packs 1 year cheap cialis professional generika order viagra super active wiki buy dapoxetine sweden order brand advair diskus equivalent buy trazodone you cheap ginette 35 india buy famvir you buy myambutol can buy celebrex in canada pain relief discount with shingles buy l tryptophan libido buy xenical and reductil sumycin discount code cheap toprol xl oral dosage buy tricorn buy rogaine 2 the uk buy minocycline acne cheap augmentin online buy aricept veterinary order levitra super active review order wellbutrin sr for anxiety buy cialis daily use online cheap zyloprim online order glucophage online micardis discount generic buy citalopram online viagra jelly discount day delivery buy xenical orlistat cheap cleocin gel reviews acne.org cheap mentat benefits order a bank card buy clindamycin australia isoniazid discount code lexapro discount cards order clozaril cheap viagra super active erfahrung buy tricorder buy erythromycin antibiotics buy cardizem usa buy desyrel online order tadacip avis cheap wellbutrin sr zoloft combination cheap zebeta online cheap erythromycin dosage buy elocon generic discount asthma supplies cheap hytrin uk buy cefixime brisbane cheap diclofenac gel xerostomia buy orlistat australia sleep aid discount xr order deltasone uses cheap bupropion xl rumalaya forte discount gel oxytrol discounts astrazeneca nexium discount card cheap capoten price buy singulair medicine buy myambutol the counter dutas discount program cheap atorlip 10 atorlip atorvastatina 10 mg singular software discount code cheap ventolin hfa buy aceon line order methotrexate illegal buy l tryptophan sleep buy zanaflex kuala lumpur order zanaflex usa cheap vpxl review buy minocycline side cheap prandin a prescription buy clomid new zealand cheap arimidex side order tetracycline online uk order caverta avis buy cymbalta in uk cheap voveran sr pregnancy shuddha guggulu discount how does buy kamagra oral jelly dosage hytrin discount vouchers buy femara cheap order betnovate buy cytotec philippines buy alavert guide order prazosin mail buy genuine xenical online where to buy lipothin with raspberry ketone cheap lamisil tablets buy floxin otic order cleocin gel phosphate buy azulfidine buy saw palmetto dht cheap combivent dosage cheap rumalaya gel price buy atorlip 20 atorlip atorvastatin 20 mg clomid discount card vpxl discount buy hydrea generic online cheap effexor xr yahoo answers order benzac differin cheap effexor xr package insert order baytril online order antivert generic cheap ortho tri cyclen lo cheap cialis soft brasil cheap lithium golf trolley order voting card cialis super active discount vs cialis review buy cheap atarax online cheap hydrochlorothiazide australia cheap flagyl jarabe liv 52 discount liquid abilify to buy viagra best deals buy ventolin australia order hair loss prevention buy hoodia lip gloss buy voveran sr mg dosage cheap lady era heian zyvox discount generic cheap lady erath buy ventolin asthma inhalers order pain relief you can take when pregnant buy clomiphene online safe cheap retino-a cream 0 05 unguento cheap atorlip 10 sirve grifulvin v discount pediatric dosage discount for benicar hct order hair loss wiki buy rosuvastatin legal desyrel discounts order cytotec generic order diclofenac gel in canada buy anti fungal brand buy yasmin uk buy retin-a 0 025 nasal methotrexate back order periactin discount vouchers buy viagra super active viagra buy myambutol tablets viagra discount walmart buy casodex usage buy glucotrol xl bupropion buy tretinoin 0 05 harga vitacid hyaluronic acid discount in skin care cheap trental cleocin gel discount for acne men;s health discount recipe finder cheap celexa online grifulvin v discount micr 500 side effects order cialis over the counter cheap v gel za bolec(ine v mis(icah tofranil buy canada buy kamagra oral jelly in london atacand hct discounts cheap finpecia online buy flonase mail buy viagra plus with mastercard cheap azithromycin online cheap actos overdose order calendar online india buy flonase uk buy finasteride 5mg cheap hytrin a prescription cholesterol lowering discount alternatives to statins order lamisil in canada order revia australia order trandate gravid cheap viagra xanthi pain relief discount crocin order hytrin ovulos buy cholesterol lowering zealand buy motilium new zealand buy lasix from canada cheap ortho tri cyclen breast growth buy viagra plus in singapore cheap hair loss breastfeeding buy topamax and phentermine cheap isoptin wiki viagra soft discount under the tongue buy shatavari kalpa in usa order weight loss food plan buy tenormin angeles order hair loss breastfeeding hydrochlorothiazide discount coupon order brand levitra generic buy zyloprim in australia cheap ortho tri cyclen skip period buy penegra tablet buy naprosyn tablets order avalide
Home MLB News MLB Club Sales Breaking Down The Texas Rangers Move Into Voluntary Bankruptcy

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 662 guests online

Atom RSS

Breaking Down The Texas Rangers Move Into Voluntary Bankruptcy PDF Print E-mail
User Rating: / 12
PoorBest 
MLB Club Sales
Written by Maury Brown   
Monday, 24 May 2010 18:59

Texas RangersIn what can only be called a surprise move, Tom Hicks and the other 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, moved the sale into a voluntary, “prepackaged,” court-supervised process under Chapter 11 of the U.S. Bankruptcy Code in order to complete the sale, under the group name Texas Rangers Baseball Partners

HSG Sports Group, the holding company for the Rangers that is attempting to complete the sale to the Greenberg/Ryan group is $525 million in debt to 40 creditors, and has been at an impasse for months in completing the sale. At a press conference today, Tom Hicks said that the plan to push the club into voluntary bankruptcy started to be discussed approx. 3-and-half weeks ago.

The sale, already a complex deal to begin with, sees this new twist to its saga. But, what does it all mean? Here’s some info to help clarify what’s involved.

  • The deal on the table is the same deal that was on the table by the Greenberg/Ryan investment group (Rangers Baseball Express ) months ago which sees an aggregate transaction value of approximately $575 million, and includes the Rangers, and their lease of the Rangers Ballpark in Arlington, together with the separate sale of approx. 154 acres of land around the Ballpark.
  • The plans byTexas Rangers Baseball Partners to go into voluntary bankruptcy was not made known in advance to the creditors.
  • The sale would see all Rangers debt, both secured and unsecured, paid. That means the secured  $75 million lien on the Rangers would be paid, and then other proceeds through the sale would pay off unsecured debt such as $61,988.16 owed Tickets.com or $41,167.79 owed Rawlings Sports Group, the $18 million loan that the Rangers got from MLB’s credit facility to cover operating expenses, and more.s
  • It should be noted that while the money will not be going into the escrow account, yet (the payment is not yet due), the Greenberg/Ryan group will make their required payment for deferred player compensation. Players such as Alex Rodriguez, Kevin Millwood, Michael Young, and Vicente Padilla are listed as the top unsecured creditors of the Rangers.
  • While the Rangers are in bankruptcy, a new line of credit from MLB’s facility fund would be offered the club to continue operating as it has been (see the complete details from today’s press release)

(See the list of the top 30 unsecured creditors listed in the bankruptcy petition - PDF)

  • While owners will approve the vote for ownership transfer, that technically would not occur unless the courts approved the sale to the Greenberg/Ryan group.
  • There has been discussion that it “this can't be a ‘paid in full’ thing. It has to be a ‘we've been paid enough to be happy’ thing.” As a matter of clarity, the Rangers are going into bankruptcy as they are in a state in which they cannot operate at their current levels, hence the partnership’s (and baseball’s) willingness to allow the deal to go into Chapter 11. The sale of the assets fulfill the obligation to pay the secured and unsecured debt, in full.
  • The biggest issue that those watching the sale need to take in is that this is about the Texas Rangers, not Hicks Sports Group. HSG has not yet been pushed into bankruptcy. The Chapter 11 filing, through the bankruptcy process, will extricate the Rangers from HSG Sports Group (formerly Hicks Sports Group).
  • Months ago, we reported that Tom Hicks would retain below 5 percent ownership of the Rangers, once the sale was completed. Sources close to the sale asked us not to divulge the exact amount of equity Hicks would retain, but that is now public record as Hicks made mention of it in yesterday's press conference. As “chairman emeritus” for three years, Hicks will retains a 1 percent ownership stake in the Rangers.
  • Finally, what legal recourse the creditors have is the unknown, although opening up the bid process to the likes of Jim Crane and/or Dennis Gilbert, has been mentioned repeatedly by the creditors to try and extract a higher sale price. There has been numerous discussions as to the lenders, not those in baseball, putting the Rangers assets into involuntary bankruptcy. In some senses, it looks as if that weapon was used upon the creditors, themselves. At the very least, it’s possible the transaction will languish in the courts far longer than those in Major League Baseball would like to see. And, certainly there will be a discovery phase where information that baseball would not like to see public, is unearthed and put on display (see what is part of what was made public as part of the Phoenix Coyotes bankruptcy proceedings)

See the complete bankruptcy petition by selecting READ MORE

Rangers Bankruptcy Petition
Select to read the Texas Rangers bankruptcy
petition (PDF)

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?