Judge orders auction of Texas Rangers
FORT WORTH, Texas — A US bankruptcy judge has decided that the cash-strapped Texas Rangers will be auctioned off, setting a date of August 4 for the bidding.Several months ago Major…
FORT WORTH, Texas — A US bankruptcy judge has decided that the cash-strapped Texas Rangers will be auctioned off, setting a date of August 4 for the bidding.Several months ago Major League Baseball had endorsed a preferred buyer - a group led by team president and Hall of Fame pitcher Nolan Ryan and Pittsburgh sports attorney Chuck Greenberg.But creditors argued that the bid was not the highest, and US bankruptcy judge D. Michael Lynn decided an auction was best.Angry creditors have still complained that the auction process is unfair and still favors the Ryan-Greenberg group.After the auction, Major League Baseball will still be able to reject the highest bidder and approve the next highest bid - something lenders opposed.But if that happens, the judge can determine if the league acted in good faith, according to revised auction procedures. Copyright © 2010 AFP. All rights reserved. More »
last modification 2010-07-14 03:45:14
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