THIS IS BREAKING NEWS...
Judge Michael Lynn, who is overseeing the Chapter 11 bankruptcy case of the Texas Rangers, today granted the request to keep the auction date for the sale of the club on Aug. 4. William Snyder, the chief restructuring officer in the case, had requested an Aug 9 date for the auction yesterday during a status conference saying other potential bidders did not have enough time to garner needed funds, but Lynn said he wanted to see the auction held on the 4th and have it finalized by noon on the 5th.
Factoring into the decision, the group led by Chuck Greenberg and Nolan Ryan has said that some investors within their group would not commit to funding after Aug. 12 when the Asset Purchase Agreement for the purchase of the Rangers is set to expire. MLB has said that they can approve the Greenberg/Ryan group by that date, should they win at auction.
In related news, Dallas Mavericks owner Mark Cuban has said he will announce today whether he will, or will not, pursue bidding for the club at auction on the 4th, just one week from tomorrow. A meeting today of the potential bidders was to include representatives for the Greenberg/Ryan group, Houston businessman Jim Crane, Dallas businessman Jeff Beck, and possibly Mark Cuban, if he decides to continue pursuing the club purchase.
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 FanGraphs and Forbes SportsMoney. 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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