The auction for the Texas Rangers is (finally) about to get underway, but...
Adding to the intrigue of the Texas Rangers sale, according to a tweet by Anthony Andro of the Ft. Worth Star-Telegram, the Greenberg/Ryan group had brokered a deal last night to work out the sale of the Texas Rangers a second-lien lender blocked the deal from going through. If that were the case, by extension the main lender, Monarch Alternative Capital, likely had approved the deal before being blocked.
Andro reports that Sal Galatioto was the second-lien lender, and that adds additional intrigue to an already complex case. The loans to HSG have been termed by one banker as, “One of the more foolish moves I have ever seen”
But, in a nepotistic matter, Galatioto continues to have ties to Tom Hicks via the sale of the Dallas Stars as he is brokering the sale for Hicks.
Galatioto is certainly no slouch in selling sports properties. Galatioto Sports Partners recently brokered the sale of the Golden State Warriors for $450 million, as well as brokered the sale of the Chicago Cubs and Charlotte Bobcats.
Look for more news as it becomes available.
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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