04/21/10 10:49 PM ET
MLB 'in control' of Rangers sale process
By T.R. Sullivan / MLB.com
Major League Baseball has been supportive of the Greenberg group's efforts since it was selected as the winning bidder by Hicks, the outgoing owner of the club. The group includes team president Nolan Ryan. Commissioner Bud Selig has expressed his desire for the transaction to be completed as quickly as possible.
Hicks said the sale has not been completed because a significant holder of HSG debt has not signed off on the amount of money that will be distributed to the lenders out of proceeds from the sale.
"I'm concerned about it," Hicks told reporters at Fenway Park before Wednesday night's game. "The sale is something that I've supported. ... At the end of the day ... [the lenders] don't release the liens on the debt unless they approve the deal, and no buyer is going to buy the team unless the liens are released. We said in Spring Training this is a complicated deal. It's even more complicated now."
Major League Baseball is "in control of the sale process," according to a statement issued Wednesday night by the Office of the Commissioner. "As part of the Texas Rangers sale process, Tom Hicks selected the Chuck Greenberg/Nolan Ryan group as the chosen bidder on December 15, 2009 and entered into an exclusive agreement with that group.
"Major League Baseball is currently in control of the sale process and will use all efforts to achieve a closing with the chosen bidder. Any deviation from or interference with the agreed upon sale process by Mr. Hicks or any other party, or any actions in violation of MLB rules or directives will be dealt with appropriately by the Commissioner."
Said Hicks: "This will be resolved one way or the other. I hope it gets sorted out soon."
T.R. Sullivan is a reporter for MLB.com This story was not subject to the approval of Major League Baseball or its clubs.