Interesting story developing in the Tom Hicks goes bankrupt and tries to sell the Texas Rangers saga.
According to a couple of published reports, Major League Baseball commissioner Bud Selig is seriously considering using the powers granted to him (I'm not gonna make the joke!) and seize control of the team which would enable the Rangers to then be sold to a group headed by current team President Nolan Ryan and Pittsburgh attorney Chuck Greenburg.
((Tom Hicks//Courtesy: Dallas Observer))
The reason for this is somewhat technical. Apparently creditors who want a piece of Hicks; he owes a lot of people a lot of money...about $525 million all told. Hicks wants to sell the team, but can't agree with his creditors on how much money from the sale will go to them.
For a more detailed explanation, go to the source of the story, the Bizofbaseball.com RIGHT HERE
This one will be interesting. Aside from the NHL taking over the Phoenix Coyotes for this season, there really haven't been a whole lot of precedents for this. The league did for a time exercise this option with the Montreal Expos to help facilitate the sale to Ted Lerner, so that he could move the team to Washington DC back in 2001.