How much is it worth to you? No….really, how much is it worth to you? A bid of just a little under $570 Million was submitted to Tom Hicks (CEO of Hicks Sports Group) Saturday night for the sale of the Texas Rangers. After long arduous days of deliberation over the past week, Ranger Baseball Express could be the new owners of a Major League Baseball team. Headed by Pittsburgh attorney Chuck Greenberg, RBE needs at least 75% of MLB owners to approve the deal, as well as approval from HSG lenders. The decision to sell the team by Hicks was made after defaulting on $525 Million worth of loans last year.
“The HSG holding company has too much debt,” Hicks told reporters in December. “We are no different than a lot of companies around the world. We just have to de-leverage.”
Hicks purchased the Rangers in 1998 for $250 Million from then current ownership which included former President George W. Bush. The new deal would include the team, the lease of the stadium, and 150 acres of the surroundings of the park. 80% of Greenberg’s investors are local and would run the day to day operations of the team. This also includes current team president Nolan Ryan, who will continue to try to steer the team in the right direction.
So is a Major League Baseball team worth $570 Million dollars to you? What if that very team had not made the playoffs in over 10 years? Or won a division title in that same period of time. The Texas Rangers have only 1 winning season since the turn of the new millennium, and that came last year. So are they worth $570 Million? I think that the Ranger Baseball Express will find out soon enough.
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