Thursday, August 5, 2010
More Rangers auction updates
By Jim Reeves
Pushing into the early morning hours Thursday, the two-bidder struggle for control of the Texas Rangers continued in Judge Russell Nelms' federal bankruptcy courtroom, with the Chuck Greenberg-Nolan Ryan Rangers Baseball Express once again moving in front by about $20 million.
Its bid was $385 million, which on the surface was less than the last bid by the Mark Cuban-Jim Crane group, but in today's dollars, which Greenberg-Ryan can produce immediately, as opposed to Cuban and Crane, who won't pony up until they are approved by MLB, it was considerably higher. We did mention that this was complicated, didn't we?
Cuban's group asked for a 10-minute recess to consider its response.
With the bid, the total price for the Texas franchise was nearing a remarkable $600 million.