• A-Rod Files Objection To Rangers Sale

    Posted by on July 29th, 2010 · Comments (7)

    Via TSN

    An attorney for New York Yankees third baseman Alex Rodriguez has filed an objection to the bankruptcy plan proposed for the Texas Rangers, saying Rodriguez is unsure he’ll receive $24.9 million in deferred compensation owed him by the club.

    The objection was filed Wednesday in U.S. Bankruptcy Court in Fort Worth, Texas. Rodriguez is seeking “adequate assurance” the club’s new owner will assume his contract.

    Rodriguez’s attorney wrote, “It is not clear under the plan” that the pact will be honored. The Fort Worth Star-Telegram reported that Rodriguez, through his lawyer, also alleged the Rangers’ current parent has not funded a $45 million escrow account for deferred compensation, as required by Major League Baseball.

    Rodriguez agreed to defer $45 million in salary in 2001, a year after he signed a record 10-year, $252 million contract with the Rangers. Texas traded Rodriguez to the Yankees in 2004, but it remained on the hook for the deferred money. Rodriguez opted out of the contract after the 2007 season, then re-signed with the Yankees for 10 years and $275 million in December 2007.

    The Rangers declared bankruptcy in May with the idea of expediting a sale to a group led by team president Nolan Ryan and Pittsburgh attorney Chuck Greenberg. Many creditors have since objected to the scheme, claiming the team was undervalued. An auction is set for next Wednesday.

    Really can’t say that I fault Alex for doing this move. If someone owed me $24.9 million, and it was starting to look like I might not get paid, I would take action to protect myself as well.

    Comments on A-Rod Files Objection To Rangers Sale

    1. black_tiger
      July 29th, 2010 | 1:00 pm

      Yes, Pay-Rod, Texas.

    2. MJ Recanati
      July 29th, 2010 | 1:29 pm

      If they owe him the money then they absolutely should pay him what they owe him. I hope he gets every penny.

    3. #15
      July 29th, 2010 | 2:37 pm

      Maybe the Rangers should offer the Yankees Cliff Lee for cash considerations.

    4. MJ Recanati
      July 29th, 2010 | 2:58 pm

      @ #15:
      LOL, that works for me.

    5. #15
      July 29th, 2010 | 3:31 pm

      How come Cliff’s getting paid when A-Rod may not? The Rangers should have to pay up their debts before they take on new expenses. How about this deal… The Yankees pay the bill for the Rangers and deduct it from their luxury tax obligations? All the “small market” teams would scream like teenage girls.

      Bad enough that MLB is helping the Rangers meet payroll. Baseball, and the courts, should not have allowed the Rangers to add payroll in their current financial situation. According to ESPN’s numbers, the Rangers have been drawing about 58% of capacity on their home games. Only 10 teams have worse home attendance. Let me get this straight…. MLB is dipping into their pocket, and indirectly into Yankees fans pockets (i.e., a big source of MLB’s money), to keep the Rangers from defaulting on payroll and other expenses. And while this is happening, and their “fans” aren’t showing up (to watch a first place team!) they allow the Rangers to add payroll???

    6. Rinnosuke
      July 29th, 2010 | 4:59 pm

      hey A-Rod, your debt is with Hick’s sports group, not with the club itself. go get in line behind the mass of assholes already holding up the sale.

    7. Raf
      July 30th, 2010 | 8:40 am

      Serves the Rangers right, for trying to run the okey-doke.

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