Ryan group sues Texas Rangers 13/07/2010 |
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A group led by Hall of Fame pitcher Nolan Ryan has sued the Texas Rangers to stop the Major League Baseball team from considering other potential buyers, according to court documents filed on Monday (July 12).
The Rangers filed for bankruptcy earlier this year to make it easier to sell the team, over objections of some creditors. A group including Ryan, the team's president, and Chuck Greenberg, a Pittsburgh lawyer, offered $575m to purchase the club.
Ryan's group asked the judge to enforce a sale agreement that prevents the team and its chief restructuring officer from talking to other potential buyers. They warned that delays could cost the group their financing commitments, which expire next month, reports Reuters.
The group said the chief restructuring officer, or CRO, told them he intends to reject the current reorganisation plan, including the sale, and will propose a new plan in the coming months.
The complainants said they "learned that the CRO was continuing discussions with other potential bidders and was contemplating making some sort of agreement with one of them regarding an alternative deal”.
"The CRO does not, and never had, any authority to solicit alternative bids or negotiate with prospective bidders,” the group added.
At the weekend, The New York Post reported that Mark Cuban, owner of the National Basketball Association’s Dallas Mavericks, is planning to join forces with former sports agent Dennis Gilbert and Texas businessman Jeff Beck to consider a bid for the Rangers. Cuban declined to comment on the speculation.
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