Rangers sale process stalls
On an entirely unrelated note, NBC Sports's baseball blog excerpts a subscription-only piece from Sports Business Journal that says Tom Hicks's sale of Your Texas Rangers to Chuck Greenberg and Nolan Ryan may not be a done deal come Opening Day after all:
The sale of the Texas Rangers stalled last week, sources said, after MLB informed the team's creditors that there would be delays in responding to the lenders' concerns about the deal. The developments serve as a challenge to would-be buyer Chuck Greenberg's stated goal of having the transaction closed by Opening Day, if it can close at all, the sources said ...
MLB, acting as intermediary between the creditors and HSG, was scheduled to respond by Feb. 26 to their demand for more cash. On March 1, MLB informed the lenders that there were delays but did not offer details for why the delays were happening, the sources said.
from Robert Wilonsky at Unfair Park
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This is disconcerting
Paging Maury…
"Back on the scene, with a gangsta lean" RW
"When you have a weapon on your shoulder like he has, you can be cool." RW on Perez
And the little bastard threw it for a swinging strike three in a 3-2 count. He’s blessed. And ballsy.
You are.....not the father
/gasp
"Hell's frozen over, Pigs are flying! The Saints have won the Super Bowl"
without the link???? c'mon...
http://www.youtube.com/watch?v=SGtWssdauME
defeatist pussy lives here
by sam in so cal on Mar 10, 2010 10:03 AM CST up reply actions
in the comments
Maury says no big deal, he thinks the sale will go through and that the Cubs sale was worse.
Freude, schoener Goetterfunken,
Tochter aus Elysium,
Wir betreten feuertrunken,
Himmlische dein Heiligtum.
Thanks
Busy afternoon here…
"Back on the scene, with a gangsta lean" RW
"When you have a weapon on your shoulder like he has, you can be cool." RW on Perez
And the little bastard threw it for a swinging strike three in a 3-2 count. He’s blessed. And ballsy.
argh!
I just want to know good news when it comes to the sale. I’m already in the mental mode of having Greenberg in and Hicks out. I don’t think I could make the transition back to Hicks in and Buyer bidding again.
A baseball game is simply a nervous breakdown divided into nine innings.
I've noticed a trend
of Calcaterra reporting negatives in a daunting fashion on this deal. Most of them have been little blips; hopefully that continues.
MLB
…will make sure this deal gets done.
by Black Francis on Mar 9, 2010 4:52 PM CST up reply actions
What I'm curious about
What is his source’s deal? So far they would seem to be either naive as to this sort of process or rooting for it to falter.
by Brett Perryman on Mar 9, 2010 6:15 PM CST up reply actions
Yeah, every one of these has seemed like an overreaction
as if they’ve never covered a sports team sale before or something.
Freude, schoener Goetterfunken,
Tochter aus Elysium,
Wir betreten feuertrunken,
Himmlische dein Heiligtum.
Calcaterra: "How's the deal coming?"
Source: “Still being negotiated. Greenberg group not putting up much cash and don’t have all lenders nailed down yet. Deal probably happens, but it isn’t 100% yet either though we all know why they have to tell the press it is.”
No “deal” necessary.
the source is
Hicks, he’s rooting for this to fail
by blueballlefty on Mar 10, 2010 2:42 AM CST up reply actions
Lol
"I don’t know how these SN blog authors get their gigs, but I’m frankly surprised SN tolerates AJM’s lack of effort." Tex34
Neftali Feliz says sit your 5 dollar ass down before he makes change...
by Brian Thomas on Mar 10, 2010 5:36 PM CST up reply actions
?
Seriously. Why would he want the deal to fail? What good would that do him? He’d just have to go back to having to find new people to cash out the HSG lenders.
Yeah
There’s no real reason for Hicks to want this deal to fail. It’s highly unlikely he can get a better deal, and there is significant downside risk if this deal doesn’t go through (including having to put the team in bankruptcy at which any equity value he has left would most likely be eliminated).
by Darrell McKown on Mar 11, 2010 7:11 AM CST up reply actions
He says he thinks the deal will get done.
He just doesn’t think it has been as easy or as certain as Greenberg and MLB have said from early on. The biggest reason for that being how cash-light the deal is, thus requiring such a large amount of money to be secured by new creditors, which involves lengthy and uncertain negotiations over rates, covenants, maturity schedules, and other terms.
Not sure what the problem is with reporting that.
Whoa whoa whoa
rates, covenants, maturity schedules
Them’s big-city words!
You have to keep in mind that we have lots of readers from Arlington on this site. So please, find the rube equivalent of all them fancy terms.
...
Rates=Damn, what are my probation payments this ti-yum?
Covenants=Heh, that’s weer they go when they get preggers.
Maturity schedules=She done tole me she was all legal like.
"Back on the scene, with a gangsta lean" RW
"When you have a weapon on your shoulder like he has, you can be cool." RW on Perez
And the little bastard threw it for a swinging strike three in a 3-2 count. He’s blessed. And ballsy.
by Rodney on Mar 9, 2010 9:02 PM CST up reply actions 2 recs
Where has Greenberg said the deal's been easy? (And where has "MLB" commented at all?)
I thought I remembered a public comment from Greenberg about working 12-hour days on the deal, and as a result, not being able to get away to travel to Arizona. That doesn’t suggest “easy” to me.
...
Snags are snags. Nothing leads me to believe the sale of the Texas Rangers doesn’t happen. Opening Day or thereabouts.
That shit is contagious
"Big whoop, wanna fight about it?"
by lost in space on Mar 9, 2010 5:51 PM CST up reply actions
welp time to stick some more needles in my Tom Hicks doll...
If the Rangers don't make the play-offs this year I'm gonna go all Epic Bearded Man on your ass.
Ben and Skin
on their podcast from today have an interview with Chuck Greenberg about the sale.
by GregoryM on Mar 10, 2010 8:23 PM CST reply actions
Thanks for the heads up.
Here’s a link.
- Says they are still targeting April 1 closing or shortly thereafter.
- Greenberg: “As an ownership group, uh, you know, we’re able, to a larger extent, kind of wipe the slate clean with some of the things that were complications in the past.”
Hmmm… interesting and sounds very positive for the Rangers. Would have liked to hear what specifically is being wiped clean and what specific effect(s) that will have. No follow up question though.
- Ben (or Skin?): “Is it fair for a Rangers fan to say, ‘I would expect to see some parallel between the level of media market and the level of payroll?’” (Good question.)
Greenberg: “Absolutely. Uh, it-it absolutely is. I mean there, there’s no reason for the Rangers not to be, uh, in the upper tier of, uh, you know, in terms of powerful franchises – and ‘powerful’ means a lot of different things. It means, uh, the way you’re able to fill the stands. It means the way you’re able to have business partners. It means, uh, you know, and of-and of course that translates into the-the type of team you’re able to consistently field and the cost of fielding that team. So, uh, there’s no reason for the Rangers to be, uh, in the bottom half of anything, and we don’t anticipate that happening, and this franchise – all the arrows are pointing straight up, and we’re going to do everything we can to-to fuel that, uh, fuel that uptick.”
- No question about the difference in debt levels before and after the deal unfortunately.
Was it necessary
To put in the "uh"s?
Actually, I know the answer. No, it wasn’t.
by brettgardner on Mar 10, 2010 10:41 PM CST up reply actions
lol
you expect ben and skin to ask a question about debt levels? Good luck with that.
"He will not coddle them. Nolan Ryan doesn’t coddle." - Jeff Passan
by Dirk Diggler on Mar 11, 2010 7:25 AM CST up reply actions

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