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This is breaking news...
The long and winding road has finally ended....
Yesterday, MLB’s ownership and executive committees unanimously approved the purchase of the Texas Rangers by a group led by Chuck Greenberg and Nolan Ryan, and today, the 30 owners have sealed the deal by voting unanimously to approve the ownership transfer today at the quarterly meetings in Minneapolis.
According to Jeff Wilson of the Dallas Morning News, the meeting occurred at 8:45am. Chuck Greenberg waited outside the room as the vote took place and was greeted by Rangers General Manager Jon Daniels after the vote was final. Greenberg was then allowed to enter the meeting with the other 29 owners. Greenberg traveled to Minneapolis with key Rangers Baseball Express investors Ray Davis and Bob Simpson. Nolan Ryan is staying back in Texas where the team has been playing the Yankees.
In a statement, Commissioner Selig said:
“I am very pleased that Chuck, Nolan and their impressive ownership group have been approved as the new leadership of the Texas Rangers franchise,” Commissioner Selig said. “Chuck and Nolan have demonstrated an unwavering commitment to the Rangers. Their passion for Major League Baseball as a whole and particularly the future of baseball in Texas is exemplary.
“In addition, I want to thank the Rangers’ fans for their patience throughout this difficult process. I am confident that Chuck, Nolan and the entire ownership group will serve as dedicated stewards of this club by building a long-term, stable franchise which values its standing in the Dallas-Fort Worth communities. I am glad that the Rangers’ great season on the field will get the attention it deserves during the pennant race.”
Shortly after the vote, the Greenberg-Ryan group released the funds needed to complete the sale.
“I can’t tell you how excited we are to complete our purchase of the Texas Rangers,” commented Greenberg. “It’s been a long journey, but well worth the wait. We believe that this franchise belongs to all of its fans, and we pledge to be passionate in all we do to bring you the very best on and off the field.”
“We can now turn our full attention to continuing what has been a great season on the field,” said Ryan. “We thank the fans and the community for their tremendous loyalty and support and we look forward to the excitement as we head down the stretch and into October.”
The vote by MLB’s 30 owners to approve the ownership transfer caps one of the most contentious club sales in sports history. The club was placed in voluntary Chapter 11 bankruptcy after Tom Hicks fell $525 million in debt. Creditors for Hicks pushed for an open auction process, which pitted Mark Cuban and Jim Crane against the Greenberg-Ryan group. The latter won at auction with a sale price of $593 million, far more than the creditors had expected.
TEXAS RANGERS OWNERSHIP
Principal Owners (Years)
- Robert E. Short (December 3, 1968-May 29, 1974)
- Bradford G. Corbett (May 29, 1974-April 29, 1980)
- H.E. (Eddie Chiles) ( April 29, 1980-April 21, 1989)
- George W. Bush/Edward W. Rose Partnership* (April 21, 1989-June 16, 1998)
- Thomas O. Hicks (June 16, 1998-August 12, 2010)
- Chuck Greenberg/Nolan Ryan Partnership (August 12, 2010- )
*J. Thomas Schieffer succeeded Bush as a General Partner in November 1994
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 Maury 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 FanGraphs and Forbes SportsMoney. 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.
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