Feb 15, 2010, 9:57 AM EDT
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.
- Kris Medlen leaves game with right forearm strain 13
- Cardinals sign Cuban middle infielder Aledmys Diaz to a four-year major league contract 41
- Cardinals and Matt Carpenter agree to a six-year, $52 million extension 10
- Jet Blue Park is absolutely incredible 59
- Gary Nolan one of many careers saved by Dr. Frank Jobe 17
- Ian Kinsler hopes Rangers go 0-162, calls GM a “sleazeball” (132)
- Albert Pujols was insulted when someone asked him if he can put up Mike Trout numbers (103)
- The politics of “The Cardinal Way” (67)
- Robinson Cano wants the Mariners to bring in Kendrys Morales and Ervin Santana (64)
- Reporter calls Ian Kinsler as self-absorbed as A-Rod (60)