Thursday, August 5, 2010
Mark Cuban blogs about Rangers bid
Dallas Mavericks owner Mark Cuban on Thursday explained his failed attempt to purchase the Texas Rangers in a long blog post on his website, blogmaverick.com.
Cuban said he began looking into the purchase more than a year ago. "This wasn't a spur of the moment thing," he wrote.
He spoke of the allure of holding leverage for a television deal by owning both the Mavericks and the Rangers. The Rangers' television deal expires in four years.
"Combine that with the Mavs TV deal running out just a few years later and it could either form a foundation for a new sports network, or preferably cause Fox to pay an ungodly amount of money to keep the teams on FSN," Cuban wrote. "Fox had more to lose from a competitive sports network being formed, particularly in Texas, than a new network had to gain from being created. So the leverage of owning both teams was enormous."
The Mavericks owner also said that he hoped to, at first, partner with the Chuck Greenberg and Nolan Ryan in some manner. Cuban also said that had he won the auction he still would have asked Greenberg and Ryan to join his group.
"Now why would they join our group?" Cuban wrote. "I couldn't see any way on this earth that Nolan Ryan would ever leave his players and team behind. He loves this team too much. He has been around the league long enough to know that owners come and go, but the commitment to the guys you go to war with comes first. So I truly wasn't concerned about him not coming. Chuck may have been more difficult. It would have been my job to convince him. There aren't enough hours in the day for me to run both teams like I do the Mavs. Chuck had already proven he could do the job. I would have worked hard to convince him."
Cuban, who acknowledged suggestions that he bid up the price of the Rangers, said it would have been foolish for him to do so.
"It is NEVER a good idea to risk hundreds of millions of dollars on the purchase of a team AND to spend what could come to more than a $1million in professional fees in order to increase the value of the $2mm you bought in bond," Cuban wrote. "I know it's something for the media to talk about. But if any of you out there think it through, I don't want you to think I was stupid enough to do something that stupid."