The Rangers sale is a "trainwreck"

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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.

Report: Brewers have made formal contract offer to Yu Darvish

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Yahoo Japan reported on Sunday (Monday there) that the Brewers have made a formal contract offer to free agent pitcher Yu Darvish. Ken Rosenthal of The Athletic has confirmed Yahoo Japan’s report. The length of the offered contract and the value are not known at the moment.

Darvish recently said on his personal Twitter account that the Rangers, Yankees, Cubs, Astros, Twins, and “one more team” have been in the running for his services. The unnamed team was believed to be the Dodgers, but it may well be the Brewers.

The Brewers could certainly use Darvish’s arm. Chase Anderson and Zach Davies currently lead the starting rotation and the club added Jhoulys Chacin and Yovani Gallardo this offseason.

Darvish, 31, posted a 3.86 ERA with a 209/58 K/BB ratio in 186 2/3 innings between the Rangers and Dodgers in the regular season last year. He faltered in the playoffs, specifically in the World Series, where he gave up nine runs in 3 1/3 innings across two starts. Darvish was apparently tipping his pitches, however, which is a correctable issue.