That’s the viewpoint of someone associated with the group of creditors meeting with prospective Rangers’ owners Chuck Greenberg and Nolan Ryan in New York tomorrow in an attempt to iron out their differences regarding the team’s sale. It’s an ominous sign with respect to something that everyone is assuming is a done deal.
As you’ll recall, the creditors are led by a hedge fund called Monarch Alternative Capital, which bought up a bunch of Hicks Sports’ Group’s debt when it nearly defaulted on its obligations last summer. The creditors have to sign off on the tentative agreement between Hicks and Greenberg/Ryan, and from the sound of it, they don’t have a huge incentive to do so. According to the article:
The key issues, the sources said, are that while the sale has an
announced price of $570M, there is only $390M of cash changing hands,
with the difference assumed liabilities. And of that the banks would
only get $250M, sources said. Before they get paid, according to the
deal, Hicks would be paid for the real estate around the ballpark, MLB
must be paid for loans it forwarded the team, and Rangers investment
bankers, Merrill Lynch and Raine get paid too.
That’s right: Tom Hicks has helped broker a deal in which he personally gets paid before the people from whom his spendthrift ownership group had to borrow in order to make ends meet last year. And of course, Hicks himself is part of the new ownership group too. The result: an angry group of creditors is worried that they’re going to only get pennies on the dollar — “We will be better off in bankruptcy court,” a source says — and may very well tell Greenberg, Ryan and Hicks to go back to the drawing board. If that happens, you have to figure that Jim Crane and Dennis Gilbert, who were reported to have better bids than Greenberg — would come back into play.
In December I reported that there were people around Major League Baseball who were worried about this deal coming together. Those worries were brushed off at the time. Based on what we’re hearing today, I have this feeling that they’re back.
Aaron Judge may be the talk of the town right now, but let’s not forget some of Major League Baseball’s more established sluggers. Take the Nationals’ Bryce Harper, for instance, who jumped on a full count during the first inning of Saturday’s game and postmarked the ball to the center field concourse in Chase Field.
Harper’s mammoth hit was the first career home run allowed by Diamondbacks’ rookie Anthony Banda. Banda quickly recovered with an inning-ending strikeout to Ryan Zimmerman, but was booted from his big league debut after Harper, Zimmerman and Anthony Rendon combined for a three-run spread in the sixth.
The first-inning homer also served another purpose: it extended Harper’s hitting streak to 15 games, the longest current streak in MLB this season. He’ll need four more games to tie the 19-game streak Royals’ infielder/outfielder Whit Merrifield established back in June.
The Nationals currently lead the Diamondbacks 4-2 in the bottom of the seventh inning.
Rangers’ right-hander Chi Chi Gonzalez is slated for Tommy John surgery, according to a report by Evan Grant of the Dallas Morning News. Gonzalez was placed on the 60-day disabled list back in early April with a partial UCL tear and was working towards a throwing program before getting sidelined with more elbow pain. He’s expected to miss the entirety of the 2018 season while recovering from the surgery.
This is the second straight season that has been derailed for Gonzalez due to injury. The 25-year-old starter pitched just 10 1/3 innings in 2016 after recovering from a torn UCL, and was optioned to Triple-A Round Rock to finish out the year after compiling an 8.71 ERA, 7.8 BB/9 and 6.1 SO/9 in three starts with the club. He showed more promise in Triple-A with a 4.70 ERA, 2.9 BB/9 and 5.9 SO/9 through 24 starts and 138 innings.
It’s a tough blow for the Rangers, who have seen Gonzalez healthy in just one major league season to date. General manager Jon Daniels told reporters that a recent MRI showed signs of weakening in the ligament, which disrupted the team’s plans to have the right-hander stick to a six- to eight-week recovery timetable after getting a platelet-rich plasma injection (via Stefan Stevenson of the Fort Worth Star-Telegram). The surgery is expected to take place next week and will put Gonzalez’s earliest return date sometime in September 2018.