Feb 15, 2010, 9:57 AM EST
The biggest reason the sale of the Texas Rangers still hasn’t gone final is because the team’s creditors are angry that all kinds of cash is coming off the top of the deal to go to Tom Hicks and others, leaving less for them. One of the “others,” SBJ reports today, is a deferred compensation fund that the Rangers are required to maintain pursuant to the Collective Bargaining Agreement. Yeah, they’ve been defaulting on that:
The Texas Rangers have been
in violation of baseball’s collective-bargaining agreement since at least last
season for failing to pay $39.55 million into a deferred compensation fund,
according to a letter sent on Oct. 22, 2009, by MLB executive vice president
Rob Manfred to the bidders for the ballclub. The MLBPA is aware of the
situation, Manfred wrote in the letter, and the union’s executive director,
Michael Weiner confirmed, in response to SportsBusiness Journal questions.
Weiner confirms that the team has not yet defaulted on any specific deferred compensation obligation (i.e. all players who have such arrangements have gotten all of their checks) but a violation is a violation, and if and when Chuck Greenberg gets the team, he’s going to have to replenish that fund with a cash payment.
There’s that word again. “Cash.” The thing that some have reported this deal is short on. The thing that is still keeping the creditors from signing off on the sale. You read stuff like this and you can’t help but wonder whether Greenberg has enough on the table right now.
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- Report: “There is a 90 percent chance that Pablo Sandoval will sign with the Red Sox” 122
- A’s sign Billy Butler to three-year, $30 million contract 83
- Cardinals reportedly joining pursuit of Jon Lester 65
- Giancarlo Stanton’s contract is backloaded. REALLY backloaded. 148
- Braves and Cardinals swap Jason Heyward and Shelby Miller in blockbuster deal 157
- Blue Jays sign Russell Martin to five-year, $82 million deal 135
- Done Deal: Giancarlo Stanton and the Marlins agree on the biggest contract in baseball history 124
- Biggest deal in baseball history: Giancarlo Stanton close to 13-year, $325 million contract with Marlins (182)
- Braves and Cardinals swap Jason Heyward and Shelby Miller in blockbuster deal (157)
- Giancarlo Stanton’s contract is backloaded. REALLY backloaded. (148)
- Blue Jays sign Russell Martin to five-year, $82 million deal (135)
- Done Deal: Giancarlo Stanton and the Marlins agree on the biggest contract in baseball history (124)