Creditors reviewing bids for Texas Rangers

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.