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Rangers, creditors at an impasse

Mar 11, 2010, 8:30 AM EDT

The latest on the Rangers sale that everyone wants to pretend is inevitable:

Talks between the MLB Rangers and the team’s creditors are at an
impasse, sources said, all but ending any chance of the sale of the
team closing by Opening Day . . . “They have been at an impasse for weeks if not longer,” one source
said. “Baseball has been deluding itself. No idea how long it can go.”
MLB declined to comment.

How much longer the situation can drag on is unclear, with one
source saying in a few weeks the team could be forced into bankruptcy
protection.

In light of this, I’m wondering if MLB and Greenberg’s people are going to continue with the PR tack they’ve taken about all of this so far.

  1. RobRob - Mar 11, 2010 at 8:56 AM

    The sad part about this is that the same bullshit is going to happen with Liverpool FC within five years, too.

  2. Jonny5 - Mar 11, 2010 at 9:04 AM

    Nolan Ryan is gonna punch someone right in da Mouf!! http://redstatebluestate.mlblogs.com/ryan_ventura-thumb-462×373.jpg

  3. TF in Tampa - Mar 11, 2010 at 9:39 AM

    “The latest on the Rangers sale that everyone wants to pretend is inevitable”
    In my humble opinion, since the 11 & 1/2th hour has not yet cometh upon us, this deal will somehow come together, as MLB, I’m sure, does not want a bankrupt team situation smeared all over their precious sports headlines.
    If you haven’t learned your history lesson yet, remember, It’s all about the money. He who has it, how much he leaves on the table will determine who is the strongest willed poker player. Jacks in the hole {the money holder} with 5 more cards coming out [time on his side} always holds the commanding position.

  4. t ball - Mar 11, 2010 at 10:35 AM

    The sale will still happen. I still think the Cubs sale took much longer and was more convoluted. It sounds like the creditors are making as much noise as they can to try to angle for a better deal. It’ll happen eventually.

  5. APBA Guy - Mar 11, 2010 at 10:56 AM

    Let me be the naysayer here: as long as the creditor’s cash repayment is subordinated to Hicks, the deal won’t get done. The history of banks accepting deals like this filled with collateral damage to the careers of the bankers involved. Go back and look at Trump’s sweetheart deals with the New York banks in ’80’s. When he couldn’t pay up the deals were reworked at tremendous loss to the banks and a lot of guys at the banks lost their jobs.
    AS for Liverpool, with Portsmouth now in administration my guess is that Hicks and Gillette sell Gerrard and Torres to avoid the debt service related cash flow problems Hicks has in Texas. Hicks HAS to maintain control. It’s who he is. And if Liverpool can’t beat Aston Villa because of it, he won’t care.

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