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.
- And That Happened: Sunday’s scores and highlights 0
- Alex Rodriguez hits 659th career home run, now one shy of tying Willie Mays 25
- Pitchers batting is dumb and the DH should be universal 252
- Max Scherzer doubtful for next start due to thumb injury 4
- Protesters converge on Oriole Park at Camden Yards 149
- It sure sounds like Adam Wainwright suffered a torn Achilles tendon on Saturday night 43
- Settling the Score: Saturday’s results 33
- Report: Rangers will pay Josh Hamilton less than $7 million; deal includes opt-out after two years 99
- Pitchers batting is dumb and the DH should be universal (252)
- The early leaders in MLB’s “Franchise Four” thing have been announced (166)
- The Royals and White Sox had a benches-clearing fracas, five players ejected (157)
- Protesters converge on Oriole Park at Camden Yards (149)
- Kelvin Herrera gets a five-game suspension; Yordano Ventura fined (133)