bactroban online legally himalaya speman reviews ampicillin uses for dogs lov cost nitrofurantoin why has prevacid been discontinued propecia canada get where acivir pills current price voltaren purchase non perscription birth control pills online can order mycelex-g canada over the counter prevacid vs prescription prevacid order prometrium tablets how long does it take for zovirax to work on cold sores pharmacy mexico ampicillin amitriptyline for sale australia buy pravachol in australia cheap cialis 20mg online xenical diet pill online is ciprofloxacin better than amoxicillin where purchase finast cialis sublingual brands india generic retin a cream reviews cephalexin drugs india kamagra oral jelly espan~a letrozole bodybuilding capoten lowest price online cephalexin sold over counter differin gel for acne is dapoxetine legal in canada weight gain pills that work what is amoxil 500mg periactin online forum prescription nexium 40 mg tablet price doxycycline sunlight viagra generic name funny clomid without prescriptions uk generic pills for rogaine 5 canadian pharmacy windsor canada diovan 80 wiki cheap zyban online mail-order singulair what are the side effects of zyprexa trust pharmacy viagra augmentin 100mg cheep generic precose switzerland generic name for betapace home insurance uk carafate canada head office finax medicine alli australia pill buy plavix perth australia buy viagra in malaysia trusted medstore online buy phentermine 37.5 mg tablets cooperativa puerto rico rincon diclofenac cost without insurance canadian pharmacy metformin ropinirole parkinson;s treatment canadian family magazine recipes skelaxin without insurance lasix suppositories buy how much does maxalt mlt cost protonix without a prescription from us ordering protonix best online pharmacy generic caverta buy actos online without a prescription sumycin shortage 2012 where to get brand advair diskus januvia generic cost generic augmentin price how long does it take for lisinopril to get out of your system levothroid mail order india diovan online store order augmentin next day delivery how to take brand advair diskus celexa 10 mg tricor 48 mg price generic dilantin uk paypal no prescription ginette-35 buy keflex 200 best site get atarax cymbalta new zealand rualis 20 what are the side effects of norvasc viagra sublingual best price how to get premarin in australia where can i buy cardizem mg what happens when drinking on antibiotics fluoxetine medication children buying brahmi in manchester buy amoxil online no prescription generic malegra fxt online in usa is generic isoniazid available in usa new list of drugs under price control in india revatio medication side effects hydrea delivery uk asthma inhalers without prescriptions best site to buy betnovate aspirin enteric coated tablets side effects can seroquel 100 get you high viagra generika kaufen deutschland mba jobs in pharmaceutical companies in india topamax in india buy india meds norvasc generic name what is zocor 20 mg used for american express canada my account login cytotec comprar buy probalan online buy tegretol tablets online what are the side effects of the drug celebrex minoxidil results after 2 months buy colospa usa how much does zovirax cream cost what is tricor medication used for para que se usa baclofen western drug zithromax pharmacy that sells amaryl morning after pill nhs free canadian pharmacy buy accutane online prednisone without prescription overnight my zenegra coupons buy generic minocin online with prescription side effects of synthroid can order dulcolax canada remeron capsules luvox online from usa liv 52 brands india can you get pregnant on methotrexate what is atenolol medication how long to use ciprodex for swimmers ear diclofenac gel buy on line cialis sales uk 20mg head lice permethrin uk que pastilla es mejor viagra o cialis where to buy dapoxetine can you buy lasix pills generic from parlodel what quantity of aspirin is contained in most over the counter apirin products evidence for transgenerational medication in nature mobic prescription drugs etodolac mrp mevacor coupons buy cytotec online india calan pharmacy online order zovirax ointment which is the best antibiotic for uti most reliable place to buy sumycin online zyvox dose shuddha guggulu drug class lexapro shop levitra super active shortage 2012 kamagra for sale in south africa lamisil generic 2013 drugs 500 mg cheap zyvox erythromycin indian manufacturers cheap prandin free delivery viagra for discount viagra for sale in hong kong side effects of benzac ac erythromycin alcohol nhs roche xenical orlistat cabgolin women buy dolonex dt piroxicam tablets to buy aciphex pilex no prescription canada canada rx discounters coupon prandin capsules avandamet rxlist compare prices adalat buy lasix online cheap buy skelaxin generic search engines list reglan tablets dose does triamterene cause weight gain trental in italia generic pills for aricept effexor xr for purchase without a prescription bactrim where to buy in canada cost of zofran iv what cold medicine is safe with prednisone doxazosin comprare strattera and alcohol abuse types of blood pressure medication and their side effects naproxen sodium uk dipyridamole pharmacy coupons eli lilly cymbalta lawsuit zetia maximum dosage antabuse tablets from buy coumadin overnight pharmacy cheap pamelor no prescription list of top ten pharmaceutical companies in india glycomet medication amiloride hcl dose order acetazolamide online acquisto sinemet sicuro online risperdal .25 mg tablet para que sirve el citrato de clomifeno 50 mg antabuse side effects while drinking buy inderal no prescription fast delivery how to import aceon actos medication online gonorrhea medication online can get antivert over counter exelon prescription generic amaryl switzerland how much is my prescription without insurance viagra plus next day delivery is there a generic drug for topamax strattera 100mg cheap purchase lorazepam online no prescription cardizem no prescription compare prices brahmi lawsuit metoclopramide overdose cat buy atorvastatin pharmacies depakote online cheap parlodel free delivery comprar skelaxin portugal how to use nexium esomeprazole buy hoodia online usa buy bactroban online reviews albenza suppositories buy buy clonidine with no script aciphex not generic buy aciclovir online drinking on amoxicillin nhs aspirin daily use reviews cheap pharm discount code where to buy alligator gar donde puedo comprar allegra astelin shelf life cilas 1064 particle size analyzer cost of generic lexapro buy minocin 80 mg online buy coumadin us generic relafen in usa online nitroglycerin purchase ordering viagra super active 100mg online drug shop buy online no prescription brand levitra can i make micronase cialis import singapore acheter du plavix where to buy alli weight loss orlistat cafergot where to get generic medicine for aricept buy lozol online in usa how to buy arjuna in london cytoxan online order avalide with no perscription buy tramadol cod saturday delivery ciplactin 4mg side effects prednisone deltasone adverse effects artane to buy in england tadacip for men in usa actos legal us craigslist manchester united tickets generic plendil quick delivery sticky content isoptin over the counter ortho tri cyclen from china best online canadian pharmacies no prescription where can i get some proventil sildenafil citrate side effects long term diclofenaco sodico 50 mg dosis nin~os cheap cialis uk online order promethazine cheap maxalt 10mg tablets side effects advair diskus costco amantadine refill pack best price for chloramphenicol should i use generic viagra can you only get forzest on prescription glimepiride side effects long term when to stop aspirin in pregnancy 250 mg zithromax chlamydia que es lincocin con eucalipto mail order benzac buy lotrisone cream canada pharmacy how to use nizagara tablets isotretinoin buy buy aldactone pfizer drug store viagra in uk buy mail order pariet novo glyburide 2.5 mg where to buy prevacid drugs online prescription drug cialis sublingual non persciption erythromycin bactroban reviews prednisone dosage asthma content insurance uk cheap generic protonix cheapest place to buy paxil viagra available in indian market atorlip-5 max dose where can i buy remeron in canada purchase cheap order zithromax macrolide roxithromycin drug schedule actos dosage recommended cipla ltd bangalore sialia sialis wiki over the counter allegra d 12 hour acivir online canada online pharmacy no prescription needed tamoxifen hoodia over counter alternative viagra products zyprexa overdose fatal plavix canada overnight delivery altace prices cvs online actoplus met purchase side effects of fincar craigslist edinburgh tx order phenergan online canada med cab aciphex cheap decadron online rockwood lithium price increase order avodart online no prescription with a visa generic sarafem pmdd are prinivil and zestril the same keppra xr generic reviews ayurvedic medicines online where to get bupron sr pct benicar online in us why is there a shortage of dramamine propecia medicine in india retino-a cream 0,025 shopping furosemide from china buy topamax online from india buy evista online australia no prescription tadalafil brand name acheter anafranil 25 +canada pharmacies cialis protonix medication card buy ceftin quick celexa next day viagra professional mg no prescription what is starlix used for tamoxifen overnight order actonel medication by mail taking meclizine during pregnancy altace india generic order cialis on the internet tretinoin 0,025 in croatia generic ephedraxin cost order erection packs 11 online without jr strength acetaminophen dosage rapid tabs what does trazodone 150 mg look like danazol pharmacy order cheap generic viagra 100mg how to take toprol xl mg how to order synthroid online actoplus in usa quickest robaxin cheap alli 84 pack cheap cialis trial packs retino-a cream 0,025 without a prescription cozaar 100 review betapace on line no script where purchase xeloda phone in order for suprax nerve pain medication amitriptyline buy tinidazole astrailia benemid medicine online what is the normal dosage for strattera buy cialis soft online mexico no prescription voveran sr doctors online malegra dxt legal us cheapest prices nizoral tablets online cheap generic keftab nolvadex for sale philippines cialis super active overnight delivery cheapest online pill store crestor 10 mg coupon triamterene hctz 37.5 25 mg purchase what does levaquin cure hyzaar cost without insurance sildenafil over the counter australia where can i get pariet cheap tofranil sale uk advair diskus dosage children buy cheap xenical using pay pal buy erexin online thru paypals cefixime online purchase cardura with american express how much is indinavir tablets brand albenza for sale alli orlistat online rhinathiol for children dosage antabuse without rx order augmentin us buy cymbalta pills in the uk unisom in the uk bupropion usa sale digoxin new zealand online pharmacy uk finpecia beconase aq on line purchase fmc lithium india digoxin 20 mg where can you buy mentats in fallout new vegas cold medicine for people on coumadin order levitra big discounts permethrin 5 cream online can you get prevacid over the counter buying calan using paypal best generic zovirax sites is zyban sold over the counter lozol tablets 150 mg no prescription viagra soft sale vasotec online in us robaxin high bluelight mail order baclofen non persciption tetracycline my micronase coupons chlamydia zithromax drinking alcohol how long does viagra side effects last 4th cycle clomid success order diovan tablets biaxin birth control online mexico buy oxytrol in ireland femara drugs online purchases what is glucophage used for weight loss best place to buy viagra plus in canada buy revatio mg online for is nitroglycerin an over the counter drug buy antabuse online thru paypals benazepril plus amlodipine hydrochlorothiazide hypertension zestril online legally buy trazodone without rx asacol side effects hair loss minomycin order canada norco aurum 1 naprosyn overnight delivery lioresal now can i make celebrex 100 mg toprol xl xenical online bestellen schweiz acquistare medrol in italia fucidin cream for eczema side effects of diltiazem sr buy anacin boots pharmacy where to buy cheap generic epivir-hbv liquid pamelor review medrol dosepak more drug_uses generic equivalent for toprol xl i want to pay some evista anafranil legal in england acai berry discount alesse side effects acne can you buy primatene mist in mexico buy midamor next day buying mirapex from canada no prescription original kamagra chewable online exelon patch discounts side effects of atorvastatin calcium amoxil online from canada where to buy bupron sr in canada safely brand levitra pharmacy best dosage of nolvadex for pct what is ralista used for accutane pills legit best results viagra cialis can i buy viagra over the counter in thailand pills diclofenac over the counter medicine finasteride tablets online generic aleve elavil with american express blopress nebenwirkungen wikipedia where to buy phenergan without a prescription vente de amitriptyline au quebec cheap online viagra australia lioresal to buy in england premarin dosage and administration where can i buy cipro mg where to get sarafem pct buy cheap clonazepam online order provera from uk without prescription buy propecia 15mg online moduretic 20mg tab list of vipps pharmacies atrovent nebulizer dosage pediatric flomax results forum how much will calan cost low level pvp vendor alliance honor points levitra no prescription uk generic viagra best prices uk abortion pills cost in india best site to buy maxaman para que se usa el synthroid overnight buy without order clomid minomycin prices top 10 online tofranil sites domperidone dosage uk over the counter fertility pills at walmart how long does it take for allegra to start to work cheap pilex 40 mg cheap generic nymphomax mevacor with no rx prevacid price india best place buy snovitra super power pct buy augmentin patch buy viagra sublingual no prescription buy micardis boots zestoretic 100mg tablet seroflo pas cher generic midamor for sale on line alli prescription drug clomid success stories 2009 cheap pills berry acai store albendazole prescription only antivert 25mg tablets side effects how long to use evista voltaren discount code us pharmacies online that sell voltaren azithromycin uses medication inderal pharmacy coupons carafate 100mg cheep what does valtrex pill look like
Home MLB News MLB Club Sales

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 748 guests online

Atom RSS

feed-image Feed Entries
MLB Club Sales
News and information about the sale of all or part of any of the 30 Major League Baseball clubs.

Greenberg/Ryan Group Believes Texas Rangers Sale Done Before Opening Day PDF Print E-mail
User Rating: / 4
PoorBest 
MLB Club Sales
Written by Maury Brown   
Friday, 05 March 2010 13:06

Texas Rangers

It has been all but quiet on the media front regarding the sale of the Texas Rangers to a group headed by Pittsburgh attorney Chuck Greenberg and Rangers president, Nolan Ryan, but that should could change shortly.

The sale, which is being reviewed by the 40 creditors of Hicks Sports Group, the club’s current owner, has a target date of Opening Day for the deal to be completed. Seventy-five percent of MLB’s 30 owners needs to approve the deal, but that is seen as a formality.

A high-ranking source in the Greenberg/Ryan group is “feeling good about” getting the ownership transfer done by Opening Day, adding “this certainly will be a busy month for tying down loose ends.”

More details as they surface.


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. 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

 
Source: Creditor Meeting Over Rangers Sale "Unremarkable" PDF Print E-mail
User Rating: / 15
PoorBest 
MLB Club Sales
Written by Maury Brown   
Wednesday, 03 February 2010 02:46

Texas RangersAccording 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

RELATED CONTENT:

While Creditors Unhappy with Arrangement, Expect Sale of Texas Rangers to Greenberg to Proceed


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. 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

 
While Creditors Unhappy with Arrangement, Expect Sale of Texas Rangers to Greenberg to Proceed PDF Print E-mail
User Rating: / 18
PoorBest 
MLB Club Sales
Written by Maury Brown   
Tuesday, 02 February 2010 12:05

Texas RangersA meeting this afternoon between members of the prospective group purchasing the Texas Rangers and creditors of Hicks Sports Group will take place at MLB headquarters in New York, with talk that the creditors are not pleased with the arrangement of the sales agreement between HSG and a group headed by Pittsburgh attorney Chuck Greenberg and current Rangers president and hall of fame pitcher, Nolan Ryan. According to the SportsBusiness Daily, the specific issues 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.”

One source, presumably on the creditors side of the table, describe the situation as a “train wreck” adding, “We will be better off in bankruptcy court.”

It’s the latter that should be the focus. The meeting – not in a courtroom, but rather 245 Park where MLB headquarters are located – gives you an indication as to how much leverage the creditors have at the moment. The meeting is clearly designed to obtain more money for the creditors, and possibly restructure the deal so that the banks receive payment before other parties.

Beyond that, expect the transfer of ownership to move forward. Here’s why.

The issues at hand with the creditors deal with Hicks Sports Group. Unless HSG is pushed into bankruptcy court, or the creditors sue HSG, the issues around the structure of the deal should not impede it from moving forward. To lend credence to that position, according to the Dallas Morning News, neither Chuck Greenberg nor Nolan Ryan will be in attendance for today’s meeting. Greenberg has been the lead in negotiations to this point. If the meeting were of critical importance, he would be seated at the table.

The Dallas Morning News mentions the attempted purchase of the NHL’s Phoenix Coyotes to RIM co-CEO Jim Balsillie as a precedent for creditors not receiving full payment in a sales transaction when a better offer has been on the table. While there is some level of truth to that situation, the Coyotes deal also dealt, in large part, with Balsillie looking to relocate the club to Canada outside of the NHL’s approval process. The Rangers sale does not have this component in the mix.

Both the sale price of $570 million and the figure cited as $390 million in cash changing by the SBD, is being dismissed by sources to the Dallas Morning News. More news as it becomes available.


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. 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

 

 
"Predator" Hedge Fund Could Throw Wrench in Texas Rangers Sale PDF Print E-mail
User Rating: / 10
PoorBest 
MLB Club Sales
Written by Maury Brown   
Tuesday, 26 January 2010 01:16

Texas RangersFor the majority of Texas Rangers fans, the statement from Hicks Sports Group saying that a sales agreement between HSG and a group of investors headed by Chuck Greenberg and Nolan Ryan was a sign that the end had finally come, new owners were on the way.

But, in a case where Hicks Sports Group debt is still hanging over the heads of the Rangers, there’s a chance that the deal may not meet the muster of HSG’s biggest lender.

One of the final steps in the process includes approval from the 40 creditors that HSG is in debt to before approval from MLB. As reported by Daniel Kaplan of the SportsBusiness Journal, Monarch Alternative Capital, a hedge fund that now owns $100 million of the $525 million of debt that Tom Hicks has incurred may be a deciding factor in the sale. Monarch Alternative Capital is known as a “distressed debt buyer” or in more unflattering terms, a “predator” that looks to “buy debt at a discount from banks that hold defaulted loans and then hopes to make more by selling the assets.”

Because Monarch is in the business of extracting as much of a profit as possible in these types of deals, they could have a considerable say in the matter. As reported by the SBJ:

Monarch saying no to a deal that guarantees it a sure amount of cash could be considered an unlikely scenario, but sources are painting a picture of Monarch as being willing to go to the mat if it thinks it is not getting every penny it should.

It has been reported from multiple sources that the bid from Houston businessman, Jim Crane, was higher than the Greenberg-Ryan bid. It is unknown if Crane would be allowed back into the bidding process, should Monarch Alternative Capital not approve of the deal that the Greenberg-Ryan group has on the table.


BUSINESS OF SPORTS NETWORK FEATURE STORY:

(THE BIZ OF HOCKEY)


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. 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

 
Key Details of the Texas Rangers Sales Agreement PDF Print E-mail
User Rating: / 6
PoorBest 
MLB Club Sales
Written by Maury Brown   
Sunday, 24 January 2010 13:57

RangersLate Saturday night, the long-awaited sales agreement between Hicks Sports Group and a group headed by Pittsburgh attorney Chuck Greenberg and current Rangers president and Hall of Fame pitcher Nolan Ryan was completed. Here’s the key details:

What’s the Name of the Ownership Group? The ownership group that was headed by Tom Hicks was named Texas Rangers Baseball Partners. With the sale, the new ownership group name is Rangers Baseball Express LLC. No word if “Express” is a tie-in to the two banks that Ryan owns, the Express Bank in Alvin, Texas, and the Express Bank of Texas located in Round Rock.

Land Ho! – A key revenue maker in the future for the new ownership is the purchase of land through a separate transaction as part of the sale. As HSG’s statement on the sale outlines, “Ballpark Real Estate, L.P., an independent investment vehicle controlled by Hicks, 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. In return for the transferred land, Ballpark Real Estate will receive cash, notes, and an ownership position in the team.”

Who Sits Where at the Table - Greenberg will serve as the Managing Partner and CEO; Ryan will continue in his role as President; Ray Davis and Bob Simpson will serve as Co-Chairmen of the Board; Tom Hicks will serve as Chairman Emeritus

Beyond Greenberg and Ryan, Who Put The Most Into the Deal? - Co-lead investments in Rangers Baseball Express will be made by Ray Davis of Dallas and the family of Bob and Janice Simpson of Ft. Worth. Ray Davis and Bob Simpson will serve as Co-Chairmen of the Board of Rangers Baseball Express.

Who Is Making the Deal Work? – Here’s the lawyers, bankers, etc. that are making the sale happen:

Bank of America Merrill Lynch, Raine Advisors and Perrella Weinberg Partners LP served as financial advisors, and Weil, Gotshal & Manges LLP served as legal counsel, to Hicks Sports Group. McGuire, Craddock & Strother, P.C. served as real estate counsel and Cousins Properties Services LP served as a real estate consultant to Ballpark Real Estate.
For the buyers, Rangers Baseball Express, Evolution Media Capital and CAA Sports Media Venture served as financial advisors, and Foley & Lardner LLP and Sherrard, German & Kelly, P.C. served as legal counsel. Leib Advisors served as the tax and accounting advisors to the buyer.

What Happened to Hicks? – This is one of the biggest questions coming out of the sales agreement. Multiple reports had Hicks being retained as the second largest investor in the new ownership group. Now, he appears to only have minority ownership at a very low level, possibly only to allow Hicks Sports Group to avoid capital gains taxes on the deal.

What’s Next? – The biggest step now involves the completion of financing. The 40 creditors that HSG defaulted loan payments to has to approve the deal. After that, MLB’s Ownership and Executive Committees will have to sign-off on the deal before a vote by 75 percent of MLB’s 30 owners takes place to complete the ownership transfer. Unless something jumps out of the woodwork, all should be completed before Spring Training.


BUSINESS OF SPORTS NETWORK FEATURE STORY:

(THE BIZ OF HOCKEY)


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. 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

 
HICKS SPORTS GROUP COMPLETES SALE OF TEXAS RANGERS TO GREENBERG-RYAN PDF Print E-mail
User Rating: / 13
PoorBest 
MLB Club Sales
Written by Maury Brown   
Saturday, 23 January 2010 21:07

Rangers


UPDATE (9:45pm ET). Hicks Sports Group released the fiollowing statement:

Hicks Sports Group LLC announced today that it has reached a definitive agreement to sell the Texas Rangers franchise to Rangers Baseball Express LLC, an investment group headed by Pittsburgh attorney Chuck Greenberg and Nolan Ryan, the legendary pitcher who now serves as president of Texas Rangers Baseball Partners. The agreement represents completion of the second major step to sell the team. It is still subject to approval by Major League Baseball and certain lending institutions, as well as completion of financing.
“Together, we have worked exhaustively since last month to attain this agreement,” said Tom Hicks whose family controls Hicks Sports Group. “It’s a complex business deal that positions the franchise positively for the future.”
In a separate transaction, Ballpark Real Estate, L.P., an independent investment vehicle controlled by Hicks, 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. In return for the transferred land, Ballpark Real Estate will receive cash, notes, and an ownership position in the team.
Greenberg will serve as the Managing Partner and CEO of Rangers Baseball Express while Ryan will continue in his role as President. Co-lead investments in Rangers Baseball Express will be made by Ray Davis of Dallas and the family of Bob and Janice Simpson of Ft. Worth. Ray Davis and Bob Simpson will serve as Co-Chairmen of the Board of Rangers Baseball Express. Greenberg has asked Hicks to continue his association with the Club as Chairman Emeritus.
“Nolan and I greatly appreciate Tom Hicks’ willingness to work beyond the deadline to complete the deal and his support for passing the torch from the Hicks family to our group,” said Greenberg. “His actions speak eloquently to his commitment to serve the best interests of Rangers fans and the community.” "We are fortunate to be assuming the stewardship of a franchise poised for greatness,” Greenberg added. “The tremendous foundation of talent that has been assembled on both the major and minor league levels, combined with our passionate commitment to achieve excellence in every facet of the organization's operation, and the pent-up thirst for success we observe from our fans every day, creates the opportunity for the Rangers to become one of the great franchises in baseball.”
Hicks and Greenberg both expressed their appreciation for the efforts of MLB, particularly the Commissioner of Baseball, Bud Selig, for facilitating this stage of the transaction.
Because the transaction is still subject to MLB approval and other matters, specific terms were not announced. The deal could be completed by April.
“In the short-term,” said Hicks, “Chuck, Nolan and I will focus our attention not only on the transaction but on making sure the Club operates in a business-as-usual manner. Pitchers and catchers report in just 26 days.”
“The efforts of the last few years are evident in the very positive direction in which the Rangers are heading,” said Ryan. “We look forward to continuing that work for the 2010 season and beyond. I am excited to have the opportunity to be a part of this organization as we go forward.”
Bank of America Merrill Lynch, Raine Advisors and Perrella Weinberg Partners LP served as financial advisors, and Weil, Gotshal & Manges LLP served as legal counsel, to Hicks Sports Group. McGuire, Craddock & Strother, P.C. served as real estate counsel and Cousins Properties Services LP served as a real estate consultant to Ballpark Real Estate.
For the buyers, Rangers Baseball Express, Evolution Media Capital and CAA Sports Media Venture served as financial advisors, and Foley & Lardner LLP and Sherrard, German & Kelly, P.C. served as legal counsel. Leib Advisors served as the tax and accounting advisors to the buyer.


UPDATE (9:40PM ET): Jeff Wilson reports:

The deal, according to sources, cuts owner Tom Hicks almost entirely out of the picture. He will be a partner with Greenberg and Ryan, but his ownership share will be very small, sources said, and his spot on the new board of directors is in question.

While the percentage is not indicated, the lowest amount of minority ownership for HSG would need to remain at 5 percent or higher for tax avoidance purposes. Below that figure, and HSG would pay tax as if it were a straight cash sale. This action was done most recently with the sale of the Chicago Cubs.


THIS IS BREAKING NEWS...

A source to The Biz of Baseball, plus this report by MLB.com's T.R. Sullivan, indicates that the sale agreement between Hicks Sports Group and the ownership group headed by Pittsburgh attorney Chuck Greenberg and current Rangers president Nolan Ryan has been completed, with official news coming from the Greenberg/Ryan group shortly.

According to Sullivan, the deal needs approval by the creditors of HSG. It would also need approval by 75 percent of the league's 30 owners, which could be done by conference call.

More news as it becomes available


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. 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

 

 
Texas Rangers Sale Down to Dotting the "I"s and Crossing "T"s PDF Print E-mail
User Rating: / 12
PoorBest 
MLB Club Sales
Written by Maury Brown   
Thursday, 21 January 2010 02:06

RangersWhile the sale of the Texas Rangers moved past its 30-day window this past Friday, lawyers for Hicks Sports Group and the group headed by Chuck Greenberg and Nolan Ryan have been working almost non-stop to complete the sale. According to a source close to the negotiations, the process is down to “dotting the “i”s and crossing the “t”s” with the sale being completed “very, very shortly.”

The prospect that a deal could be reached by the weekend continues to be the effort.

While there had been discussions that the exclusive negotiations between Greenberg/Ryan group might be dropped and other bidders, such as Jim Crane might jump back into the mix, that activity does not seem to be occurring, another sign that the sale is exceptionally close to being completed.

As for the sale price, we had projected a ceiling of approx. $530 million. That may have been a reasonable point in the negotiations, but with HSG’s 40 creditors looking to gain as much as possible from the sale, reports, such as one from SI.com’s Jon Heyman, have the price pegged at approx. $570 million.

When the deal is completed, Greenberg will be the managing partner, Ryan will continue being the president of the Rangers, and current owner Tom Hicks will stay with the organization as a minority partner, holding the second highest amount of equity in the club.

An aspect of the sale that has not been discussed involves Hicks’ retaining minority ownership and tax avoidance. If Hicks were to have sold the club outright, he would have had to pay capital gains tax in the tens of millions of dollars. In the recent $845 million sale of the Chicago Cubs from the Tribune Co. to the Ricketts family that has Tribune retaining a 5 percent ownership stake in the club, Tribune saved approx. $100 million in taxes. With Hicks staying on as a minority partner, he will avoid such taxes.


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. 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

 
Expect Sales Agreement on the Texas Rangers to Occur Any Day PDF Print E-mail
User Rating: / 7
PoorBest 
MLB Club Sales
Written by Maury Brown   
Saturday, 16 January 2010 12:59

RangersWith the late night statement from Chuck Greenberg and Nolan Ryan last night (see the complete statement, here) regarding the negotiations for the sale of the Texas Rangers with current owner Tom Hicks, the sale agreement could be coming any day. The statement reads, in part:

We have made extraordinary progress the last couple of weeks and have come too far to walk away now. We are fully committed and prepared to work around the clock if that’s what it takes to reach a final agreement. We are at a point where deals get done as long as both parties share a desire to cross the finish line together. There just isn't much left to resolve.

It should be noted that there’s little doubting that the deal is near completion. Hicks, as well as the league would not allow such statement to be released unless the parties were exceptionally close.

Sources to The Biz of Baseball have said that the sides are working diligently all weekend to try and finalize the sales agreement.

Once the sales agreement were to be reached the final steps would be passing the muster of MLB’s Executive and Ownership Committees before needing approval from 75 percent of the league’s 30 owners to finalize the ownership transfer.


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. 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

 
GREENBERG/RYAN GROUP RELEASES STATEMENT ON SALE OF TEXAS RANGERS PDF Print E-mail
User Rating: / 4
PoorBest 
MLB Club Sales
Written by Maury Brown   
Saturday, 16 January 2010 01:27

RangersThis is breaking news...

The 30-day exclusive negotiating window between Hicks Sports Group and the Chuck Greenberg/Nolan Ryan group expired today on the sale of the Texas Rangers. While the parties had targeted the date to reach conclusion, the sales agreement was not reached.

The following joint statement was released by Chuck Greenberg and Nolan Ryan regarding their negotiations to purchase the Texas Rangers:

Tonight, as the exclusive negotiating period announced on December 15 by Hicks Sports Group (HSG) expires, we are on the verge of an agreement that would provide Tom Hicks the value he seeks and the Texas Rangers the resources to become champions. 

We have made extraordinary progress the last couple of weeks and have come too far to walk away now. We are fully committed and prepared to work around the clock if that’s what it takes to reach a final agreement. We are at a point where deals get done as long as both parties share a desire to cross the finish line together. There just isn't much left to resolve.

With the continued cooperation of Tom Hicks and HSG, we are certain an agreement can be finalized so we can immediately get to work on delivering the success this franchise and its fans deserve.

More news as it becomes available


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. 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

 
Will Hicks Agree to the Sale of the Texas Rangers Tomorrow? PDF Print E-mail
User Rating: / 3
PoorBest 
MLB Club Sales
Written by Maury Brown   
Thursday, 14 January 2010 12:08

Texas RangersIt doesn’t seem that long ago, but tomorrow, it will have been 30 days since current Texas Rangers owner Tom Hicks said he had entered into an exclusive negotiating window to sell the club to Chuck Greenberg, a Pittsburgh attorney who has worked with the likes of Mario Lemieux and Bernie Kosar to assist them in purchasing sports clubs. Greenberg has current Rangers president Nolan Ryan as one of his partners, and in what might seem an odd twist to some, Hicks (the seller) would be retained as a minority partner, as well.

It’s the latter that might move tomorrow’s self-imposed deadline, out further. A report by MLB.com’s T.R. Sullivan delves into how much ownership equity Hicks would like to retain. According to Sullivan, Hicks would remain on the board of the Rangers, and “could be the second largest investor in the group.” Hicks and his son, Tom Jr. met with MLB president and COO, Bob DuPuy yesterday to update him on the process. Hicks told the media he would not speak on how the negotiations were progressing until after tomorrow’s 30-day negotiating window had expired.

As we reported at the outset (see How Chuck Greenberg Won The Texas Rangers and Sizing Up the Sale of the Texas Rangers), Greenberg and his 12 partners, which includes Ryan, will win the day and wind up owning the Rangers. Recent history with the sale of the Chicago Cubs from the Tribune Co. to the Ricketts family has shown the while exclusive negotiating windows can be set, it is possible to extend past them. We would not be surprised if that were to occur with the sale of the Rangers, possibly to 45 days, but before Spring Training were in full swing.

Also, the sale of the Cubs saw the negotiating window pass, and the injection of prior bidders back into the mix. For that deal, Tribune brought Marc Utay’s group back in to get the Ricketts family to nudge the bidding price up. While it’s possible that Hicks could bring former bidder Jim Crane back into the mix, it seems unlikely. The current negotiating issue appears centered around how much ownership control Hicks will retain, rather than scuttling the whole deal. Inserting Crane back into the mix would not seem to serve any purpose in that equation.

Once the sales agreement were to be reached, presumably with the Greenberg/Ryan group, the final steps would be passing the muster of MLB’s Executive and Ownership Committees before needing approval from 75 percent of the league’s 30 owners to finalize the ownership transfer. Depending on how far along the negotiations are with the Greenberg group, that process could take place on the final day of the quarterly owners meetings occurring today in Paradise Valley, AZ., regardless of whether the sales agreement is fully consummated, or not. Approval by MLB ahead of the completed sale has happened pror, most recently with the Cubs sale.


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. 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

 
«StartPrev111213141516171819NextEnd»

Page 13 of 19
 
Banner

Poll

Should MLB Force Jeffery Loria to Sell the Marlins?