All was not lost- Crane & Cuban filed today a motion to reimbursed $2.1M they spent in their pursuit...
Comments (0) Best Off-the-Field Drama - 2010
Texas Rangers' Bankruptcy and Auction
We proletarians out here in the cheap seats love us some baseball, but what we love even more is watching really rich guys fight over the size of their wallets. Petty jealousy you say? Oh, yeah, and it's deeeelicious. Num. So when an ownership group led by out-of-town rich guy Chuck Greenberg and local good ol' boy Nolan Ryan agreed to buy the Rangers in January from not-as-rich-as-he-used-to-be guy Tom Hicks, we knew something good was in store. The fun started when lenders owed around $600 million by Hicks Sports Group claimed they weren't getting paid enough from the sale. This forced Hicks to place the team into bankruptcy, where attorneys for the lenders successfully argued in federal court for an auction of the team, which brought rich-as-God-and-a-little-strange Mark Cuban and his fat checkbook into the picture. After bidding aggressively, Cuban and partner Jim Crane bowed out 16 hours after the scheduled auction time to a standing ovation. Not only did the lenders get the extra dough they'd hoped for, but Greenberg and Ryan kept the team. Cuban was gracious in defeat, leaving Tom Hicks the day's loser.
