Texas Rangers File For Bankruptcy; Nearing Sale To All Time Headlock King

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moneybaby.jpg

Well, it's been a year since Tom Hicks decided he want to sell the Rangers and nearly 6 months since he decided who he wanted to sell them to, and yesterday the team took the unusual step of filing for bankruptcy to expedite the sale. Unusual, but not unheard of. Five Eight other teams from the four major sports have filed for bankruptcy protection before. And by "four major sports" I mean "mostly hockey".

How does this affect the day to day business in the Arlington front office? According to Bud Selig, it's gonna keep that continuity. Of course it will. And oh, yeah. More loans too.

"This agreement assures an orderly process to expeditiously transfer Rangers ownership to the Greenberg-(Nolan) Ryan group, and it protects the franchise's baseball operations," Bud Selig, the commissioner of baseball, said in a statement.

The league will also loan the Rangers money so that the team "continues to meet all of its obligations while the sale is being completed."

A bankruptcy court judge in the Northern District of Texas will now hear the case, which includes the possibility of his agreeing to consider alternative bids for the team.

The positive vibes and happy news were handed down to the players yesterday. Michael Young sat down for this PR piece mlb.com story to recount the heartwarming yarn of players being told they were still getting their per diem despite the bankruptcy filing. Then they all jumped in the air and clicked their heels while tossing their tattered Newsies caps aloft.

Young said that players naturally had questions regarding their paychecks.

"That was at the top of the list of some questions," Young said. "That was actually the first thing that they told us. They knew the players were thinking about that. They said, 'You're going to get our per diem,' 'You're going to get your paychecks on time,' and 'Don't worry about it.'

"After a huge sigh of relief, the meeting went on."

Phew. What would the players have done had the Rangers forced them to play for no money? Probably come down off the acid and realize they're part of a union that has baseline threadcount requirement for hotel linens enforceable by strike. They can't be that daft. But you know, even if they were worried thank goodness Young gave us a candid and surprising look into the psyche of the ballplayer.

"It's not a distraction for us at all. Our job is to go out there and play baseball."

Now there's a cliché that will never run out of currency.


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11 Comments

Five other teams from the four major sports have filed for bankruptcy protection before. And by "four major sports" I mean "hockey".

And the Cubs last year. But they're hardly major, now are they?

Technically true, but it was basically done the day before the sale was final. This is potentially part of a much larger exploratory process. As stated in that Times article the judge here could basically force more bids for the team. That wasn't ever a concern in the Cubs case.

Also, Cubs fans are morons.

But I also missed a the Orioles bankruptcy in 1993.

I like that in the English Premier League a team like Portsmouth that is in deep financial trouble gets punished in the standings.

Plenty of pro sports teams are bankrupt in other ways, either intellectually or morally.

In fairness to the players, if I found out that my company went bankrupt, I'd inquire about my paycheck, too. And also about the first-aid cabinet on the fourth floor. Will they continue to re-stock the ibuprofen? I'll be damned if I'm gonna start paying for Advil.

I wonder what NOLAN RYAN's response would have been if the players asked him about getting per diems (per dia?).

Nolan Ryan would set up "batting practice" just so he can bean all of them.

@phillas
I believe the plural is Per Diana.

Players were assured that the legal and financial machinations would have no effect on the Rangers' late-summer collapse.

Sack of Money Baby is no Lobster Baby.

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