The Texas Ranges would like to be a player in the mid season trade market, but a Federal Judge may have brought those hopes to a sudden and crashing halt. The Federal Court ahs issued a ruling that Rangers current owner Tom Hicks cannot sell the team until he satisfies his creditors. The court likely issued this ruling to get all sides back to the negotiating table, but this is very likely to slow down the transfer of ownership, and limit the ability of the Rangers to add big contracts at teh trade deadline.

The other 29 owners of MLB franchises are probably not going to sit by as the Rangers spend big bucks on contracts while they are on financial life support from the league itself. All of the parties involved do not want this situation to drag on beyond July, but it seems likely that a larger transaction is going to have to occur. This may even force Hicks to sell the Dallas Stars to generate enough revenue to satisfy his creditors and allow a sale of the Rangers.

The good news is the Rangers are in first place, they are four games up in the American League West, and playing well. However we are approaching summer and this team tends to fade in the heat of the Texas summer. They need to add talent to keep the team going or suffer their traditional late summer collapse. This ruling seems to limit their ability to do just that, and least in the short term.

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What’s next for the Texas Rangers? is a post from: The Inquisitr

Tom Hicks has reached a final agreement to sell the Texas Rangers to Team President Nolan Ryan, and Pittsburgh attorney Chuck Greenberg. In a separate transaction Hicks sold of a good deal of land surrounding the Rangers ballpark, and will retain a minority stake in the team. There are still a few complications to iron out like approval of Major League Baseball, and Hick’s creditors. There also may be a question about Ryan’s ownership of several minor league clubs who are considered part of the Houston Astros  farm system.

As a baseball fan, I got to say thank god Hicks is gone. This is the same moron that paid more for Alex Rodriguez, than he did for his entire baseball team. He also has a large hand in the steroids era, as a good portion of that era was born in his locker room. The simple fact here is Hicks has been a bad owner. In eight of the 12 years he was the owner they had a losing record, after winning two divisional championships with a team built by the previous regime, Hick’s Rangers never had any post season success, or regular season success for that matter.

Of course through his incompetence Hicks’ looks like he is going to more than double his money on the team. He bought the club in the summer of 1998 for 250 million dollars. It now looks like he will sell them for over 500 million dollars. Man I love it when guys get paid to do a crappy job. While the Rangers may now be on the right track, it seems this is more due to Ryan’s involvement in the club. Now that he will be assuming an ownership role it seems safe to say that the Rangers will be contenders.

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Texas Rangers sale finally finalized is a post from: The Inquisitr

The Texas Rangers are for sale. They are for sale because the Hicks Sports group, a company which also owns the Dallas Stars of the NHL, defaulted on more than 10 million dollars in interest payments to its creditors. To satisfy the creditors the group well sell off the Rangers, who are being kept afloat with assistance from Major League Baseball.  Now the creditors, which number almost 40 in al, are reviewing a few bids to see if the sale of the Rangers can satisfy the debts of Hicks Sports Group.

Hicks Sports Group owes the group of 40 some lenders nearly 525 million dollars; he has also borrowed 60 million from the MLB Credit Facility, and another 16 million dollars from the MLB itself to fund his payroll. The sale of the Rangers is expected to bring about 500 million dollars, but that number may be a little inflated. Forbes Sports money has the value of the Rangers listed at 405 million, and this team does not own its own stadium. With that in mind the 500 million figure may be a little out of reach, especially in a down economy.

There are reportedly three different groups submitting bids for the organization. One group is led by Pittsburgh area Sports Lawyer Chuck Greenberg. His group includes current Ranger President Nolan Ryan. The second group is led by Jerry Renisdorf’s special adviser Jim Crane, and the third is led by Houston businessman Jim Crane who has his own freight forwarding company.

Creditors reviewing bids for Texas Rangers is a post from: The Inquisitr

Since missing that debt payment the MLB has supported the Rangers payroll. That fact alone should outrage not only Rangers fans but baseball fans in general. We must remember that Hicks is the guy who signed Alex Rodriguez to a 251 million dollar contract that was worth more than he paid for the entire team in 1998.

Of course Hicks will be quick to blame the economic slowdown for his failure to make his debt payment, but the Rangers have been a very bad baseball team in recent years (2009 excluded). Over the four years they have not had a winning season and that has led to their fans staying at home.

Now Hicks and MLB are trying to find a buyer for the club in the 600 million dollar range. Forbes sports money has the value of the Rangers listed at 405 million. They also do not own their ball park and have no interest in a regional sports network. Even though they are located in a good market the 600 million price tag is ridiculous. Hicks and MLB would be lucky to fetch 500 million for this team.

Hicks looking to sell the Texas Rangers is a post from: The Inquisitr