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Texas Rangers sold for $593 million

Aug. 5, 2010 at 8:05 AM
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FORT WORTH, Texas, Aug. 5 (UPI) -- Texas Ranger president and Hall-of-Fame pitcher Nolan Ryan and attorney Chuck Greenberg have purchased the baseball team in bankruptcy court, reports said.

The pair bid $593 million for the team in a U.S. Bankruptcy Court and the total includes $208 million in assumed liabilities. The bid trumped a $581 million offer by Dallas Mavericks owner Mark Cuban and Houston businessman Jim Crane, the (Fort Worth) Star-Telegraph reported Thursday.

An additional $3 million will be subtracted from the winning bid for miscellaneous expenses. The Rangers filed for bankruptcy in May; Major League Baseball must approve the sale.

The Greenberg-Ryan group has shown documentation that it can conclude the deal on Aug. 12.

"It's a relief just to know that we got it done," Ryan said.

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