By: Stephen P. Lagoy
The Texas Rangers own the longest winning streak in the major leagues this year (eleven) and currently have a healthy lead in the American League’s West Division. Success on the field has not translated to financial bliss, however. The Rangers’ present ownership filed for Bankruptcy in May to complete a sale of the club to a group headed by Rangers’ president and Hall of Fame pitcher, Nolan Ryan. Now, the proposed sale has been postponed by Bankruptcy Judge D. Michael Lynn who has ordered the parties to continue mediation to try to resolve opposition to the proposed sale by creditors who lent $525 million to the present ownership. Given baseball’s July 31 trade deadline, the postponement could impact the Rangers’ ability to acquire players from other teams for an anticipated pennant run.
For more on the role mediation will play in the Rangers’ bankruptcy, see the article from Bloomsberg Business Week.
For more information contact Stephen P. Lagoy.
