Texas Rangers Auction Date In Question
A court-appointed official in the messy Texas Rangers bankruptcy case says the team’s Aug. 4 auction should be delayed.
The restructuring officer, William K. Snyder, testified Tuesday that potential buyers probably wouldn’t be able to secure financing by that time. Interested bidders have to come up with at least $500 million.
Snyder suggested that a mediator pick the date after talking to all potential bidders.
The hearing is the latest twist in the long-delayed sale of the team.
Major League Baseball months ago endorsed a group led by Hall of Fame pitcher and Rangers president Nolan Ryan and sports attorney Chuck Greenberg as the best buyer.
Angry creditors said the $575 million bid wasn’t the highest, so the judge set up an auction.
The bidding procedures set the Greenberg-Ryan group’s offer as the opening bid, but their financing guarantee is set to expire Aug. 12.
(Copyright 2010 by The Associated Press. All Rights Reserved.)