The Rangers file for bankruptcy

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We’re still light on the details (Maury has the press release and some analysis), but the Texas Rangers filed for Chapter 11 bankruptcy this morning. It was a voluntary filing that is being characterized as a “prepackaged” bankruptcy proceeding, which means that all the terms of the bankruptcy are agreed
to before filing, which can result in a shorter turnaround time.  The team is characterizing it as a necessary step to allow Hicks Sports Group to sell the team to Chuck Greenberg and Nolan Ryan. The target date according to the filing: “midsummer.” You may recall that the Cubs did something like this prior to their sale to the Ricketteseseses.

This just came down so the details are still a bit sketchy, but something that sticks out to me is that the creditors of Hicks Sports Group — the ones who have been causing all the problems — aren’t part of the filing. If that’s the case, how could they have agreed to the terms of the “prepackaging?” Moreover, the verbiage in the press release says that the deal will provide “for all Rangers creditors to be paid in full.”  That can’t be technically right, because if there is enough money in the sale to fully satisfy all outstanding debts, the bankruptcy filing — which basically says that part X owes creditors more money than it has — would be tossed out, right?  This deal can’t be a “paid in full” thing. It has to be a “we’ve been paid enough to be happy” thing.

Another possibility — a pretty good one actually — is that there is separate deal in place between Hicks Sports Group and the creditors to settle the outside debt on some sort of payment plan or something else, but to do it outside the framework of the Rangers sale.*  If that were the case it would not necessarily have to be a part of this bankruptcy case. We just don’t know, however, based merely on the terms of the bankruptcy filing.  I will say that it would be pretty reckless for the team to file like this without any creditor signoff, official or otherwise, because it would invite the sort of proceeding — creditors going deep into the Rangers’ business — that they had been threatening to do back when they were at each others’ throats.

The primary upshot: there has to more going on here than meets the press release, probably in the form of some backroom dealing that will (a) keep the dirty financial laundry of the Rangers, Hicks and Major League Baseball out of bankruptcy court discovery proceedings but (b) makes the creditors happy. Otherwise, there’s no point to this filing.

Secondary upshot: if this is going down as the Rangers say it is, the team will be out of ownership limbo within a couple of months and, hopefully, able to resume normal operations, sign draft picks and add payroll in a way that a team in their competitive position should.

More on this, obviously, as the story develops.

*I’m aware that most of the debt at issue is not technically owed by the Rangers — it’s owed by Hicks Sports Group, thereby meaning that the big creditors like Monarch Alternative Captial couldn’t really go after the Rangers. But that’s kind of beside the point. All along these creditors have been making noises about dragging the team itself into bankruptcy if they weren’t paid, and it the suggestion has been strong that they would try to advance legal theories — however novel — that would allow them to encumber the team in order to get the money they are owed by Hicks.  For MLB and the Rangers to make this filing today, they have to think that such a move is not a threat.  This underscores my belief that some sort of side deal between Hicks and the creditors has to have taken place.

Marlins defeat the Mets, then pay their respects to Jose Fernandez on the pitcher’s mound

MIAMI, FL - SEPTEMBER 26: Miami Marlins players all wearing jerseys bearing the number 16 and name Fernandez honor the late Jose Fernandez before the game against the New York Mets at Marlins Park on September 26, 2016 in Miami, Florida. (Photo by Rob Foldy/Getty Images)
Rob Foldy/Getty Images
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The Marlins were somehow able to muster up the strength not only to play Monday night’s game against the Mets, but also win it convincingly one day after losing Jose Fernandez in a tragic boating accident. The Marlins and Mets helped pay tribute to Fernandez prior to the start of the game as outlined here.

When the game started, the Marlins came out of the gate with a bang. Dee Gordon homered in his first at-bat, then the club hung a four-spot in the second inning. They tacked on two more in the third inning to chase starter Bartolo Colon and take a commanding 7-0 lead. The Mets chipped away for two runs in the fifth on an Asdrubal Cabrera two-run homer and tacked on one more in the eighth, but ultimately fell short by a 7-3 margin.

Gordon finished 4-for-5 with the homer and two RBI. Justin Bour went 3-for-3 with a single, double, triple, and a walk along with an RBI and two runs scored.

A.J. Ramos, who closed out the win, placed the ball on the pitcher’s mound for Fernandez. The Marlins huddled around the mound and said a prayer. The players huddled closer to the rubber on the mound, then left their hats behind as they retreated to the clubhouse as fans at Marlins Park chanted, “Jose, Jose, Jose.”

In a post-game interview, Gordon called his first-inning home run “the best moment of my life,” as NBC 6 Sports reports.

Indians defeat Tigers, clinch AL Central for first division title since 2007

CLEVELAND, OH - SEPTEMBER 7: Roberto Perez #55 of the Cleveland Indians hits an RBI single during the second inning against the Houston Astros at Progressive Field on September 7, 2016 in Cleveland, Ohio. (Photo by Jason Miller/Getty Images)
Jason Miller/Getty Images
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The Indians beat the Tigers 7-4 at Comerica Park on Monday night, clinching the AL Central for their first division title since 2007. Starter Corey Kluber lasted only four innings before exiting with right groin tightness, but the Indians were able to overcome the adversity.

Coco Crisp gave the Indians their first two runs with a two-run home run in the second inning off of starter Buck Farmer. The Tigers would promptly tie the game on a two-run homer by J.D. Martinez in the bottom half of the inning.

In the fifth, an RBI double by Jason Kipnis and a sacrifice fly by Mike Napoli put the Tribe back on top 4-2. The Tigers answered once again with a Miguel Cabrera RBI single in the bottom half to make it 4-3.

Roberto Perez homered for the Indians in the top of the top of the seventh, and Cabrera answered with another RBI single in the bottom half to keep it within one run at 5-4.

The Indians tacked on another insurance run in the eighth on three consecutive two-out singles by Crisp, Rajai Davis, and Perez. Carlos Santana then hit what should have been the final out of the eighth inning, but J.D. Martinez botched the catch, allowing the Indians’ seventh run to score.

Cody Allen shut the Tigers down in the bottom of the ninth, protecting the 7-4 lead for his 30th save of the season.

The last time the Indians won the AL Central, their starting lineup featured a 28-year-old Victor Martinez, a 25-year-old Jhonny Peralta, a 24-year-old Grady Sizemore, and a 26-year-old CC Sabathia. It’s been a long time.

The American League playoff picture still isn’t set yet, so the Indians will be intently watching the final week of the season to see who will be their playoff opponent.