THIS IS BREAKING NEWS...
According to Daniel Kaplan of the SportsBusiness Journal, U.S. Bankruptcy Judge Michael Lynn has said at bid procedures hearing for the auction of the Texas Rangers that he will uphold an Aug. 4 date for the auction to take place. Creditors for the Rangers, who are mired in Chapter 11 bankruptcy, have argued that the Aug. 4 date does not give bidders outside of the investor group led by Chuck Greenberg and Nolan Ryan enough time to get the requisite funds together.
Also at today's hearing, a lawyer for Dallas Mavericks owner Mark Cuban has said that given the right opportunity, he would be interested in purchasing the club. Cuban has made overtures through the media that he may be interested in partnering with other potential bidders, including Greenberg/Ryan. It was also made known at the hearing that Cuban has been approved by MLB for the auction of the club.
To add to the intrigue, it is sounding like Houston businessman Jim Crane may be backing out of the process and may not be at the auction. Crane had been touted for months by the creditors of the Rangers as having a "significantly higher bid" for the club.
EDITOR'S NOTE: MAURY BROWN WILL BE ON ESPN DALLAS RADIO (103.3FM) TO TALK THE LATEST ON THE RANGERS AT 6:15PM CT
Maury Brown is the Founder and President of the Business of Sports Network, which includes The Biz of Baseball, The Biz of Football, The Biz of Basketball and The Biz of Hockey, as well as a contributor to Forbes SportsMoney blog. He is available for hire or freelance. Brown's full bio is here. He looks forward to your comments via email and can be contacted through the Business of Sports Network.
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