In Bankruptcy In The News, Blog

Bud Selig, the commissioner of Major League Baseball, is on the verge of using a far-reaching and rarely used power to literally reclaim the Texas Rangers’ baseball team from it’s owners in what is deemed “the best interests of the game”.

The current owners of the Texas Rangers, Hicks Sports Group, are in negotiations to sell the team to the Chuck Greenberg/Nolan Ryan group. However, the Hicks Sports Group owes hedge fund creditors $525 million on defaulted loans. The hedge fund creditors are threatening to force the team into bankruptcy even though it’s the Hicks Sports Group that is in debt and not the Rangers. This is not in the best interest of the game.

Selig could step into the mix today, grab the team, and sell it to the Greenberg/Ryan group and save the day for baseball, The Rangers, and their fans. The sale has been pending for 15 months.

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