Wednesday, August 4, 2010

BREAKING: Ryan Outduels Cuban In Offensive Battle; Gets Rangers For $385M

((HT: MyFoxDFW/Fox 4 Dallas))

Two groups are vying for control of the Texas Rangers in a Dallas bankruptcy court: one headed by Dallas Mavericks owner Mark Cuban with Houston businessman Jim Crane as a partner, and the other currently running the team with Nolan Ryan and Chuck Greenberg.

There was talk that FoxSports would be interested in the Rangers and the Dallas Stars, but it didn't materialize by the deadline.

Ryan's team questioned Wednesday morning whether Cuban's bid was qualified. The judge in the case decided it was.

The amount of the Cuban-Crane bid exceeded the Ryan/Greenberg bid by US$25-million, but the folks at MLB are wanting the Ryan/Greenberg bid to be the one they choose.

MLB has even threatened to dissolve the franchise if they don't get their way.

Brandon Todd from MyFoxDFW is in the courtroom, and has released through his Twitter account, that the judge is giving Ryan/Greenberg until 1715 local to figure a counter-bid out...

CBS11 in Dallas did an interview with their bankruptcy attorney on retainer...
((HT: KTVT-TV))
video

Follow their live blog here...

1820 UPDATE: Ryan/Greenberg is reviewing the Cuban/Crane bid...
1845 UPDATE: Ryan/Greenberg, after reviewing the Cuban/Crane bid, came back with a US$320M bid in cash. Cuban/Crane responded with a US$335M bid. The debtors are in the process of reviewing the proposals until 1915EDT

PM UPDATE: The Chief Restructuring Officer, the judge, and the two parties dickered for most of the evening over the bids. Cuban/Crane even went as far as bumping their bid up another $US20M to US$355M. The Ryan/Greenberg group went on record as saying that the auction process wasn't an auction anymore... as evidenced by this piece that comes from our friends at WFAA-TV in Dallas...
Chris Hawes was outside the courtroom...


0039 EDT UPDATE: The Cuban/Crane bid went up to US$356M cash. Ryan/Greenberg, as the next step, went up to US$365M and want to eliminate the escrow portion of their bid.

0110 UPDATE: The Cuban/Crane bid went up to US$390M while cutting US$12M in escrow. The minimum bid had to be US$388M from Cuban/Crane to continue.

0145 UPDATE: The Cuban/Crane bid gave the team to Rangers' Express (Ryan/Greenberg). There was a standing ovation in the court when this was announced. Ryan/Greenberg get the Rangers for US$385M in cash plus assumed debt in the neighborhood of US$200M.

The courtroom was, somewhat, in shock when the decision to pull the plug was given by Cuban/Crane. Jim Crane did not hang around the courtroom long after the decision was announced. Mark Cuban did hang around the courtroom to answer questions for the Metroplex media. Chuck Greenberg was left to shake hands in the room.

The auction took 15 hours to complete...

More when we know more...

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