Sporting News staff reports
Dallas Mavericks owner Mark Cuban has joined a group that will bid on the bankrupt Texas Rangers, the New York Post reports.
The Post, citing an unnamed source close to the situation, reports Cuban has joined with former player agent Dennis Gilbert and Texas businessman Jeff Beck. A bankruptcy judge has scheduled a July 22 auction for the franchise.
Cuban did not return an e-mail for comment, the Post reports. Gilbert was among the first people to make a play for the Rangers when Tom Hicks put them up for sale.
A group led by former Pittsburgh attorney Chuck Greenberg and Rangers president Nolan Ryan is favored to land the club. Greenberg’s group offered $575 million to buy the Rangers and the club’s parking facilities after the Rangers declared Chapter 11 bankruptcy in May. Lenders, though, have helped stall the deal, expressing concerns over $525 million in loan defaults by Hicks’ ownership group. Creditors also argued that the Greenberg-Ryan bid of $575 million wasn’t the highest and urged the bankruptcy judge to reopen the bidding process.
Cuban tried to buy the bankrupt Chicago Cubs in 2008 and reportedly made the highest bid, but MLB instead chose Tom Ricketts. As in the Cubs’ case, MLB has the right to set sale terms and approve the Rangers’ buyer.
Sporting News staff reports
Dallas Mavericks owner Mark Cuban has joined a group that will bid on the bankrupt Texas Rangers, the New York Post reports.
The Post, citing an unnamed source close to the situation, reports Cuban has joined with former player agent Dennis Gilbert and Texas businessman Jeff Beck. A bankruptcy judge has scheduled a July 22 auction for the franchise.
Cuban did not return an e-mail for comment, the Post reports. Gilbert was among the first people to make a play for the Rangers when Tom Hicks put them up for sale.
A group led by former Pittsburgh attorney Chuck Greenberg and Rangers president Nolan Ryan is favored to land the club. Greenberg’s group offered $575 million to buy the Rangers and the club’s parking facilities after the Rangers declared Chapter 11 bankruptcy in May. Lenders, though, have helped stall the deal, expressing concerns over $525 million in loan defaults by Hicks’ ownership group. Creditors also argued that the Greenberg-Ryan bid of $575 million wasn’t the highest and urged the bankruptcy judge to reopen the bidding process.
Cuban tried to buy the bankrupt Chicago Cubs in 2008 and reportedly made the highest bid, but MLB instead chose Tom Ricketts. As in the Cubs’ case, MLB has the right to set sale terms and approve the Rangers’ buyer.