Apr 29, 2010, 2:46 PM EDT
Evan Grant reports that if the Rangers sale isn’t done by June, the team will have to take more money from Major League Baseball to make ends meet.
Last year baseball extended the team a $25 million line of credit. They used $16 million of it in 2009 to meet payroll obligations. Grant reports that both payroll and revenue are basically flat compared to last year, which suggests that baseball will have to go beyond that original $25 million. As Grant notes, since baseball is a creditor which expects its money back, the more money it gives to the team the less there is available for the troublesome, sale-blocking creditors, which makes closing the deal even harder. See, cycle, vicious.
What’s worse is that if we get to June and the team is still on the dole, they will be unable to pay real bonuses to their draft picks and, instead, will be required to pay MLB-imposed slot prices, which could seriously hinder the Rangers’ ability to, you know, get good players.
There have been a lot of self-imposed deadlines in this transaction, none of which have done much to spur real action by the parties. The end of May, however, brings with it serious consequences if the deal is not yet done. It would seem, then, that everyone had best get busy.
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