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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- Chris Sale will be sidelined for three weeks with foot fracture 11
- Aramis Ramirez says 2015 will be his last year 32
- Francisco Rodriguez re-signs with the Brewers 9
- If addiction is an illness — and it is — Josh Hamilton shouldn’t be suspended 299
- Pirates open to massive extension for Andrew McCutchen 18
- Report: Josh Hamilton had a relapse this offseason that “involved at least cocaine” 86
- Yankees don’t plan on having to pay A-Rod’s $30 million in home run milestone bonuses 51
- If addiction is an illness — and it is — Josh Hamilton shouldn’t be suspended (299)
- San Francisco — and all of California — will consider a smokeless tobacco ban that includes MLB parks (131)
- Report: The Yankees were “fuming” at how A-Rod handled his early arrival to spring training (114)
- Cuban prospect Yoan Moncada reportedly signs with the Red Sox for $31.5 million, plus $31.5 million in penalties (106)
- Brian Sabean says that California taxes are a hindrance to the Giants signing free agents (102)