Judge Will Not Delay Rangers Auction
Mavs owner Mark Cuban is now pressed for time if he wants to put together financing to bid on the Texas Rangers Baseball Club. Cuban and other potential suitors had been hoping a federal bankruptcy court would delay the August 4th auction designed to select a buyer. But yesterday, the judge rejected a request from the team’s major creditors who’ve been pushing him to delay the auction until the end of September. The creditors want ample time for well-heeled bidders, like Cuban, to pull together their financing. Cuban’s lawyer complains that his client now has less than two weeks to weld together an offer before the August 3rd deadline for bids. The auction will be the next morning. Cuban would prefer to put together his own offer but now, with time short, he may join an existing consortium, such as the group assembled by Rangers president Nolan Ryan and Pittsburgh lawyer Chuck Greenberg.