apply online for barclays bank credit card credit cards to rebuild your credit rating prepaid credit cards no fees best indusind bank credit cards review online payday advance california apply for a mastercard debit how to apply for a credit card with bad credit on online best hotel rewards credit card uk list of online loan sharks online visa card application does paypal accept virtual credit cards cash back mastercard credit cards best rewards credit card us bank find lowest rate credit cards royal bank secured credit card in canada sheer black cardigan women;s payday loan no credit check online credit card reward points comparison wells fargo credit card machines for small business gnc gold card discount credit card number sample with cvv cheapest credit card rates in sa capital one credit card services login convert prepaid visa card to cash what;s the best credit card to get fast online cash advance 90 day pay loans citibank credit card payment emi calculator credit card debt help forum how to pay for android apps without credit card apple credit card scanner best canadian reward credit cards 2011 how to check bpi credit card application status online credit cards with low interest rates and no annual fees rbs credit cards online payment credit card charges abroad nationwide 24 month zero percent interest credit cards loan with bad credit uk credit cards for business start up wells fargo credit card rewards credit card comparison chart anz platinum card travel insurance terms and conditions valid visa credit card number 2011 maybank credit card 0 interest installment apply for credit card with airmiles best credit card to build credit rating online applications for credit cards with bad credit planet fitness black card cancellation fee square iphone credit card processing canada can a credit card company sue you after 7 years citibank credit card payment billdesk credit card comparison site india natwest black credit card bank of america credit card fraud alert quick cash payday loans north augusta sc getting a chip and pin credit card in the us qatar airways credit card verification can i apply for a walmart credit card and use it the same day how long to get a credit card after bankruptcy discharge credit card protection plans complaints apply for mastercard debit card new hdfc credit card charges apply for ge credit card online guaranteed payday loans for bad credit uk bank of america credit card uk apply icici credit card helpline india best gas reward cards is it illegal to charge for credit card processing fees barclay credit card application status how old to apply for walmart credit card how to redeem sbi credit card reward points online balance on credit card credit score iphone credit card reader starbucks payday online loans direct lenders pay american airlines credit card how to reduce credit card debt without hurting your credit fake credit card information that works online do i need a credit card to rent a car in the uk what is the best way to consolidate my credit card debt no annual fee travel credit cards canada mobile credit card processing reviews uk american express platinum card benefits review should i pay off my high interest credit cards first whats the average credit card limit how long does it take to get a credit card in canada prepaid credit cards uk euro best fast cash payday loans no foreign transaction fee prepaid credit card best credit card business rewards united credit card offer 60000 what do i need to apply for a credit card in canada credit card no credit history college student payment address for bank of america credit cards credit card limits are included in m1 or m2 state bank of india new credit card apply chinatrust visa cash card enrollment form car loans with bad credit low interest rate how can i get a best buy credit card with no credit how do i calculate monthly interest on a credit card balance transfer credit card bank rakyat easy to get unsecured credit cards with poor credit chase freedom visa credit card application start accepting credit cards online can you transfer credit card balance to another person chase first usa credit card store reward cards on android valid credit card information online travel rewards cards for average credit credit card fees for merchants ontario hdfc credit card application form for change of mobile number cibc lowest interest credit card amazon visa card wiki easy credit cards to get approved for with bad credit canada credit card travel miles no foreign transaction fee credit card citibank types of credit card fraud in india credit card 0 interest balance transfer credit cards abroad compare mastercard careers brassring business cash advances apply for barclays credit card online unsecured first premier credit card best buy reward zone credit card app what is the best travel rewards credit card in canada 2012 gift credit cards australia money saving expert best credit card for purchases starwood rewards credit card canada college students and credit cards debt virgin credit card online login visa black card credit score requirements secured orchard credit card credit card fraud punishment uk chase southwest airlines business credit card number activate cibc credit card mbna rate for life credit card reviews credit card with no international exchange fees best usaa credit card for active duty accept all major credit cards visa debit cards bank of ireland which credit card is best in india yahoo answers shell gas credit cards online easier get credit card credit union types of us bank credit cards usaa lost credit card phone number super fast payday loans balance transfer fee credit card reward credit card review canada top 10 uk credit cards if i apply for a credit card online can i use it immediately where do i mail my capital one credit card payment credit cards instant approval good credit which bank easiest to get credit card credit card information free 2013 top 10 uk credit card companies cibc visa cash back award unsecured loans online decision commonwealth bank cash advance rate free prepaid visa card hsbc credit card apply online chennai united credit card offer 50 000 top rated credit cards with rewards credit score required for credit card canada rci bank of america credit card login prepaid credit card paypal top up how to reduce credit card debt without ruining credit applying for a credit card for the first time with no credit lane bryant credit card customer service phone number credit union uk what are the major banks that offer credit cards in philippines payday loans online no credit check instant approval south africa bank of america credit card exchange rates citibank credit cards balance transfer offers credit cards for those with very bad credit best buy total rewards credit card southwest visa business credit card how to use a credit card machine video qantas frequent flyer credit card comparison balance transfer credit cards uk secured credit card bad credit uk good air mile credit cards hdfc credit card rewards catalogue titanium prepaid canadian credit cards best cashback credit card in india 2012 hdfc bank credit card reward offers pay amazon bank of america credit card credit cards for bad credit online application national city credit card pnc instant approval credit cards for bad or no credit bank of america credit card customer service uk hdfc offer credit card holder bad credit loan companies list compare business credit cards uk next pay loans bad credit amex credit card promotions philippines mobile credit card processing for blackberry torch virgin prepaid credit card home depot credit card services customer service visa cards with rewards cheap car finance bad credit miles and more credit card swiss air call capital 1 credit card service which credit card should i get quiz free credit card numbers generator download kisan credit card interest rate sbi virtual visa cards uk credit card applications online in india visa credit card student canada compare platinum and titanium credit cards credit card numbers that work 2011 visa mastercard working numbers hack halifax ultimate reward credit card compare credit card interest rates ireland activate usaa credit card online citibank credit card offer on ebay get a credit card instantly with bad credit no interest no payment credit card offers bank of america credit card 0 apr credit card fraud detection project source code citibank credit card rewards program credit card rate comparison calculator credit card loan consolidation rates view icici bank credit card statement good credit cards for limited credit history santander 123 cashback credit card review marks and spencer credit card charges abroad hdfc credit card customer care number india credit card verification phone number hilton hhonors credit card visa login best credit card offers usa need a loan with bad credit and no checking account citi american airlines credit card application status icici credit card helpline mumbai aqua credit card contact best no fee credit card for international travel low interest rate credit card australia british airways visa credit card usa credit card settlement process can i get a credit card if im under 18 capital one joint credit card instant online cash loans in cape town free credit cards that works info best travel rewards credit card 2012 with no annual fee hsbc 0 balance transfer credit cards free credit cards with no annual fee define apr for cash advances hdfc credit card payment online from hdfc new sbi credit card apply online credit card for bad credit with no deposit and instant approval pay belk credit card payment online credit card debt interest rate calculator no fee travel credit cards canada portable credit card machine for android debit visa card balance small cash loans online prepaid us credit card in canada capital one balance transfer how to get gnc gold card when will aib get visa debit cards hdfc credit card address change online walmart credit card cash advance policy how are credit card spending limits determined credit card reviews canada 2012 mastercard careers sydney inner fence llc credit card terminal generic credit card information form easy gas credit cards to get approved for i want to apply for a visa credit card online bmo prepaid travel mastercard credit card best visa travel card australia are visa debit gift cards reloadable hsbc credit card points redeem india best credit card for travelling overseas 2013 value city credit card customer service phone number hdfc credit card search citi business credit cards online best credit card payment machine account number on visa debit card citibank credit card application credit card helpline hdfc bank good credit card deals uk chase wireless credit card machines for small business credit card comparison site australia city bank credit card status online household bank credit card bill pay where to get prepaid visa cards vision visa prepaid credit card citibank credit card minimum payment percentage vanquis credit card payment number 5 gas credit cards with cash back bsnl to airtel balance transfer can you get a visa black card in canada virtual credit card number mastercard aqua credit card limit starting titanium visa prepaid credit card how do credit card limits work top credit cards for travel rewards where to mail amazon credit card payments can you get a credit card the same day you apply air canada credit card offers icici bank international credit card credit card offers for bad credit unsecured nhs black card login iphone credit card reader australia top ten credit cards 2013 is there a starbucks credit card hsbc online credit cards hdfc bank credit card application status tracking online track icici credit card application status newest verifone credit card machines aventura credit card cibc paypal credit card fees ebay credit cards with 3 gas rewards first usa credit card application american express credit card approval process credit card rewards taxable 2012 bank of america prepaid credit card application credit card online payment of hdfc can your wages be garnished for unsecured credit card debt pay off credit card student loan starwood preferred guest credit card canada how do tesco credit card points work mastercard credit card insurance coverage best credit card for rewards travel barclay credit card apple login apply for credit cards online visa gold card barclays chase freedom credit card international transaction fees visa gift cards walmart credit card payoff calculator canada rbc cash back visa redeem hdfc new credit card status cash advance credit card chase fake uk credit card number for itunes visa credit card information system customer reviews discover credit cards best online payday loans for bad credit payday loans online no credit check instant approval icici credit card charges international transaction legitimate poor credit loans credit card types uk rak bank credit card cash advance charges list best credit card processing companies best credit card to have to build credit secured business credit cards for new business natwest black card travel insurance average us personal credit card debt 0 balance transfer credit cards australia no annual fee american express costco credit card rewards apple id credit card declined tata sbi credit card online payment billdesk prepaid visa card canada vanilla hdfc credit card offer on flipkart payday advance loans online credit card for college students with no job costco credit card machine uk new york and company credit card phone number payday loans lenders online paypal mastercard prepaid ebay credit card offers india toys r us credit card login chase national city bank credit card application visa credit cards no credit check united credit card bonus points cheapest credit card machine for small business best unsecured bad credit cards best credit card for no credit history yahoo answers cash advance installment loans for bad credit lowest fixed rate credit card offers fast payday loans no credit check does td canada trust have visa debit cards bank of america credit card processing fees prepaid credit card australia woolworths business cash advance lenders compare sbi and hdfc credit card process credit card payments mobile apply online for hdfc silver credit card best rewards credit cards 2014 can a credit card company sue you in california best cash rewards credit card canada 2013 best airline rewards credit cards 2011 going over credit card limit hsbc online secured credit cards card applications gold card provident shops weekly pay loans prepaid credit cards to rebuild bad credit instant bad credit loans australia westpac credit cards rewards programs can i get a credit card without a job in india best credit cards deals 2013 credit card comparison 0 purchases best singapore credit card for overseas travel cheapest credit card processing uk best buy credit card customer service contact number best gift credit cards easy cash loans online south africa unsecured instant approval credit card mastercard credit cards with rewards does cibc have a prepaid credit card visa cards numbers free credit card rewards comparison calculator paypal virtual credit card 2012 visa credit card insurance uk does wi dmv accept credit cards mastercard credit card exchange rate canadian prepaid credit card companies chase increase credit limit request online citibank platinum credit card india best rewards cards app chase credit card payments how to choose a credit card how to block a credit card of sbi canadian tire credit card payment malaysia credit card review 2012 credit card cashback taxable income best low interest rate credit cards canada faxless no credit check payday loans online nigerian credit card fraudsters in new jersey barclay credit card apply online best canada credit cards 2012 how to get a rbc visa debit card best travel rewards credit card 2011 do you need a credit card for paypal on ebay capital one credit card transfer fee free orange pay as you go sim card with 5 free credit excel credit card apr calculator list of all credit cards in usa unsecured loan bad credit instant decision jpmorgan chase student credit card visa debit card application online best balance transfer no fee credit cards apply for credit card online canada easy store credit cards to get with bad credit us bank credit card payment processing cibc visa credit card services phone number tesco credit card points on fuel bad credit mortgage 2013 chase credit card minimum payment lawsuit monthly apr calculator credit card high credit limit credit cards for excellent credit best student credit cards with no credit no credit check credit cards set up credit card payment processing credit card credit limit decrease business loan quote online ameriloan? online cash advance payday loans - no fax credit card approval odds long term personal loans online natwest student credit card review citibank credit card instant approval pay sears credit card hsbc prepaid visa credit card australia citibank credit card credit limit calculator best credit card in canada 2013 can you sign up for netflix free trial without credit card apple app for accepting credit cards best cashback credit cards 2012 malaysia accept credit card payments mobile black and gold card provident bank of america cash rewards visa signature card review credit card processing fees law how to get a business credit card with bad personal credit canada how to get an unsecured credit card with no credit gas discount credit cards canada credit card low interest rates no annual fee free online credit card application in india visa card services online 0 credit cards transfer balance best chase credit card offers 2013 do i need a credit card for google play number to pay barclays credit card how to set up an online credit card payment system cheapest way to transfer money from credit card credit card cashback bonus offers is there a charge for using credit cards in canada annual fee free credit cards australia bad credit credit cards no deposit anz platinum credit card car rental first premier bank classic credit card reviews payday loans with bad credit how to check hdfc credit card payment history reducing credit card debt yourself best secured credit card for no credit history rbs credit cards online no credit credit card offers who has the best secured credit card citi student visa credit card login business credit cards canada rbc best low rate credit card walgreens prepaid visa credit cards credit card reviews canada fake credit card number security code and expiration date wireless credit card machine reviews best credit card canada no fee best first credit card to get uk fake credit card numbers that work best visa credit cards with no annual fee chase freedom credit card status santander credit card rate increase credit card information form html calculate credit card interest per month credit card interest rates 2013
Home MLB News MLB Club Sales Greenberg-Ryan Group Could Receive $10M If Other Bidders Land Texas Rangers

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 611 guests online

Atom RSS

Greenberg-Ryan Group Could Receive $10M If Other Bidders Land Texas Rangers PDF Print E-mail
User Rating: / 12
MLB Club Sales
Written by Maury Brown   
Monday, 14 June 2010 15:50

Texas Rangers

The investment group headed by Pittsburgh sports attorney Chuck Greenberg and Hall of Fame pitcher and current president Nolan Ryan could receive as much as $10 million if they are not approved as owners in the sale of the Texas Rangers, according to court documents filed. The information from the filings was first reported in Monday’s edition of the SportsBusiness Journal.

As noted in the report, creditors of Hicks Sports Group, the holding company for the Rangers, would surely contest the breakup fee, while the Greenberg/Ryan group will contend that the amount covers the expenses tied to fighting the legal battle they are currently in the midst of -- costs no other bidders would need to absorb.

Tomorrow, U.S. Bankruptcy Judge D. Michael Lynn will hear arguments on whether a “pre-packaged plan” by the Greenberg/Ryan group might be accepted, or whether the bidding will open up and allow other potential owners such as Houston businessman Jim Crane, to engage in bidding for the club. The creditors have contended that Crane has a better offer on the table, while the Greenberg/Ryan group contends that based upon MLB approval, and bid price. In a separate filing, the Greenberg/Ryan group (Rangers Baseball Express) contends that “[Crane] will pay marginally more for the Texas Rangers franchise, such a bidder faces significant execution risk, including (1) negotiating an acceptable asset purchase agreement; (2) reaching agreement with any non-debtor that will contribute assets as part of the asset purchase agreement; (3) a potential uphill battle to obtain MLB consent (or litigation with MLB regarding its consent rights); and (4) potentially greater financing uncertainty than the Purchaser.”

The Brief in Opposition by the creditors, dated 6/11/10 shows:

On May 23, 2010, TRBP and the Greenberg Group terminated the January APA and immediately executed a new agreement (the “May APA”) that provides for materially worse terms for TRBP as compared to the January APA, including (1) a $10 million termination fee payable to the Greenberg Group if the transaction does not close (both agreements provide for only a $1.5 million deposit by the Greenberg Group if it cannot close); (2) a reduction in cash payable by the Greenberg Group; (3) a $30 million escrow for a one-year period (despite the Greenberg Group’s offer to reduce the escrow to $15 million for nine months in the April 2 proposal), as well as changes to make it easier for the Greenberg Group to claim against the escrow; and (4) substantially increased reimbursement for fees, including those incurred by BRE, which were not previously required.

The Brief also contends that the lease for Arlington Stadium was transferred improperly from Rangers Ballpark LLC to Texas Rangers Baseball Partners (the current ownership of the Rangers) “for no consideration.” The Brief adds that, “Such transfer was effectuated without an approval of the Collateral Agent, who was the only entity capable of granting such approval.”

The transaction from the Greenberg/Ryan group would keep Tom Hicks on as Chairman Emeritus holding a 1 percent minority stake in the Rangers. According to the filing, “Mr. Hicks would receive a one percent stake in the Texas Rangers, approximately $58 million, as well as ‘certain perquisites . . . customary to former owners . . . of professional sports teams’ including season tickets and parking passes, and the title of Chairman Emeritus for three years.”

An interesting point in the Brief outlines how much in initial payments the Greenberg/Ryan group would offer as part of the January 23, 2010 Asset Purchase Agreement (APA). While this figure has since changed over the course of the exclusive negotiating window with the group, it gives insight into how much cash would have been involved, if the APA had come to fruition without the legal snarlings that the Rangers are now in the midst of with the voluntary Chapter 11 bankruptcy proceedings.

The January APA paid the Lenders approximately $231 million cash at closing, with $30 million to be held in escrow (which might only become available to the First Lien Lenders more than a year after closing).

Along with the sale of the Rangers, a separate land transaction for approx. 154 acres of land surrounding the Ballpark is also in play with the Rangers sale. The sale price for the land was not made available to the public, but with the filing, details from the 1/23/10 APA shed some light on how much the Greenberg/Ryan group would be offering, as taken from the point of view of the Brief in Opposition by the Lenders:

Pursuant to the Land Sale Agreement, BRE agreed to sell its right, title and interest in certain real property surrounding the Ballpark at Arlington (the “BRE Property”). BRE stood to receive the following consideration in connection with the Land Sale Agreement: (i) $5,000,000 of cash, (ii) a $53,158,991.04 promissory note paying interest of 4.1% per annum, (iii) a 1% equity interest in Rangers Baseball Express, (iv) forgiveness of a $12,800,000 debt owed to Emerald Diamond, L.P. (“Emerald Diamond”), a guarantor under the Credit Agreements and (v) assumption of certain liabilities associated with or related to the BRE Property, and (vi) repayment of the Overdraft Protection Line of Credit.

Finally, for some time it was reported that the creditors saw a large gap that was preventing the deal from gaining full approval of the 40 creditors, with lead creditors Monarch Alternative Capital being the stumbling block. Reports had $270 million being offered while the creditors remained steadfast in saying they would accept no less than $300 million, a $30 million gap.

The Brief in Opposition adds that after the 1/23/10 APA was reached, the Greenberg/Ryan group continued making adjustments that would have gotten the gap to just $18 million.

On April 2, 2010, HSG and the Greenberg Group made an informal proposal (not reflected in any executable documents) regarding certain improvements to the January APA, which MLB calculated as providing $282 million of value to the Lenders. Although this was higher value to the Lenders, most of the improvements were economic concessions made by Hicks and his affiliates.

More news tomorrow as the hearing takes place. Expectation is that a ruling by the judge in which the process could be opened up to other bidders, or the "pre-packaged" plan could be approved. That ruling could take place late Tuesday, but most likely Weds. morning. If Lynn rules in favor of the Greenberg/Ryan group offer, the final approval of the "pre-packaged" plan by the group would occur at a seperate hearing on July 9th.

If the judge were to open the bidding up, it is expected to be a major legal challenge as to how sports leagues can select who can, or cannot, be owners, irrespective of bid price.


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



Should MLB Force Jeffery Loria to Sell the Marlins?