Via BusinessWeek/Bloomberg –
The Texas Rangers, the Major League Baseball team controlled by billionaire Thomas Hicks, filed for bankruptcy to facilitate a sale to investors led by team president Nolan Ryan and his partner Chuck Greenberg.
The Arlington, Texas-based ballclub listed assets and debt of between $100 million and $500 million in Chapter 11 documents filed today in U.S. Bankruptcy Court in Fort Worth, Texas.
Alex Rodriguez, now the third baseman for the New York Yankees, was listed as the Rangers’ top unsecured creditor.
“I want to assure all our fans that this process will not affect the day-to-day management of the team as we continue to compete for a playoff spot in 2010,” Ryan said in a letter to fans posted on the team’s website.
The club is the second Major League Baseball team to enter bankruptcy in less than a year after the Chicago Cubs in October joined owner Tribune Co. in Chapter 11 as part of that team’s sale.
The team has asked the bankruptcy court to approve the sale at a hearing in 45 days, according to a posting on the team’s website. The sale should be completed by mid-summer, Ryan said.
A message left at the office of Scott Boras, Rodriguez’s agent, wasn’t immediately returned.
Nonetheless, thanks to Hank Steinbrenner, A-Rod won’t be hurting for cash any time soon…