How Will Bankruptcy Affect Texas Rangers

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The Texas Rangers baseball team has finally come out of bankruptcy after being bought by a consortium lead by Hall of Famer Nolan Ryan and his business partner, attorney Chuck Greenberg. Ryan and Greenberg won the auction after an intense battle with many rival groups, primarily the group led by Mark Cuban, owner of the Dallas Mavericks. The final price paid was around $590 million, inclusive of taking over the team’s current debts of about $208 million.

With the end of the bankruptcy saga of the popular baseball team, many pundits and the general baseball-loving fans would be asking, “How will the Texas Rangers perform now?” To get an idea of this, it’s good to evaluate the performances of other sports teams who have been in similar situations in the past. In 1993, the Baltimore Orioles were on the verge of bankruptcy when it was bought over by a group led by attorney Peter Angelos. The purchase price was $173 million. Angelos was a native of the area and hence his move won the praises of many in the League.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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