Wednesday, August 4, 2010
Report: Greenberg group drops land deal
By Richard Durrett
Maury Brown, who is following the auction proceedings today at The Biz of Baseball, has a report up that the Greenberg-Ryan group has terminated its land deal with Ballpark Real Estate, owned by Tom Hicks and some investors.
The land deal is not part of the auction, so by terminating the agreement to purchase those 154 acres, it could mean the group has more money to work with in the auction today.
Here is part of the statement from BRE about the termination:
The two groups said they mutually agreed to the termination of the land sale agreement to help create a "level playing field" at Wednesday's auction of the Texas Rangers Baseball Club.
Click here for Brown's entire report.
Last week, Bankruptcy Judge Michael Lynn rejected an enhanced bid from Greenberg-Ryan that would have removed the land from the franchise bidding and canceled the auction. Lynn ordered the auction to proceed although bidders have been instructed not to include the land as part of the Rangers assets. However, until late yesterday, the land sale agreement was still in force between Express and BRE.
"This is all about good faith," said Philip Danze, attorney for BRE. "We don't want any confusion about what is included or rights that only one bidder would have. The sale is for the Texas Rangers Baseball Partners assets, and that does not include the land."