Greenberg and Ryan win the Rangers, but it came at a steep price

13 Comments

Wow.

The battle for the Texas Rangers lost a lot of its intrigue for me when the team traded for Cliff Lee. The reason for this is simple: while the drama was interesting on some level as a business story, its significance — to me at least — had mostly to do with how much the strife would impact the Rangers’ ability to make the necessary moves to stay in contention. They made the moves, however, and the courtroom drama turned into more of a sideshow.

But that changed last night when a boring legal battle turned into a dramatic auction, with Mark Cuban and Jim Crane appearing as though they were going to leave the courthouse as the new owners. Indeed, for a while there, they would raise their bid by tens of millions of dollars in the space of mere minutes, while it took Greenberg and Ryan hours to come up with a higher bid of their own. At one point the restructuring officer informed the court that Cuban would beat any bid Greenberg made, and Cuban’s lawyer boldly proclaimed “my client is prepared to own this team.” There were obscenity-filled shouting matches and, at around midnight, Greenberg’s group appeared as though it was going to march out of the courtroom in protest.

But then things changed. Greenberg upped the cash portion of his bid to $365 million (and noted as he did it that, at that very moment, Michael Young hit a grand slam in the Rangers-Mariners game).  Cuban and Crane then upped theirs to $390 million. However, because a sale to Cuban was presumed to take much longer to close and because time is money, Cuban essentially had to outbid Greenberg by $25 million. Greenberg came back five minutes later at $385 million.

Cuban took ten minutes to consider going up past $400 million. Then he folded.  Chuck Greenberg and Nolan Ryan had won. They will be the next owners of the Texas Rangers.

But make no mistake: this was a costly victory.  For months, Greenberg and Ryan were offering a cash portion of the deal that would have paid team creditors $230 million.  The creditors said that they would have accepted $300 million to drop their objections to the sale.  In thinking that they could do an end-run around the creditors’ demands, Greenberg and Ryan took the Chapter 11 route. That move ended up costing them nearly $100 million in cash before even considering the legal fees and interest on operating loans.  Overall, the legal battle caused the sale price of the team to go up from $520 million to $588 million.

Which brings us back to the on-the-field impacts of all of this.  How much does that $100 million in cash and overall increase of $68 million in sale price affect baseball operations?  I’m guessing if you asked them Greenberg and Ryan would say not a all — and this morning Greenberg is talking big about signing Cliff Lee to a long-term deal — but that hardly seems logical. The fact is that the Rangers will have new owners but those new owners will be much more leveraged than they had planned to be when they drew it all up.

But that’s a worry for another day.  For now it’s enough for Rangers fans to know that their team will soon be out of bankruptcy court purgatory.

Video: Adrian Beltre belts a walk-off home run on Monday against the Athletics

ARLINGTON, TX - JULY 25:  The Texas Rangers celebrate the two-run walk off homerun by Adrian Beltre #29 against the Oakland Athletics at Globe Life Park in Arlington on July 25, 2016 in Arlington, Texas.  (Photo by Ronald Martinez/Getty Images)
Ronald Martinez/Getty Images
3 Comments

The Rangers found themselves in a 5-1 hole after three innings against the Athletics on Monday, but scratched out some runs in the middle innings. That allowed them to enter the bottom of the ninth inning trailing by only one run, 6-5, facing A’s closer Ryan Madson.

Adrian Beltre, who hit a solo home run in the seventh inning, stepped to the plate with a runner on first base and two outs. He was the Rangers’ last hope to keep the game alive. The veteran third baseman swung at Madson’s first pitch, a 96 MPH fastball, and drilled it to left-center field for a walk-off two-run home run.

Beltre now has nine walk-off home runs in his career. While the 37-year-old isn’t quite the offensive dynamo he was even two years ago, his numbers are still respectable. He’ll head into Tuesday’s action batting .281/.334/.468 with 16 home runs and 63 RBI in 392 plate appearances.

Jay Bruce: “This is such a fleeting game. It’s so unforgiving.”

SAN FRANCISCO, CA - JULY 25:  Jay Bruce #32 of the Cincinnati Reds swings and watches the flight of his ball as he hits a two-run homer against the San Francisco Giants in the top of the fourth inning at AT&T Park on July 25, 2016 in San Francisco, California.  (Photo by Thearon W. Henderson/Getty Images)
Thearon W. Henderson/Getty Images
1 Comment

Outfielder Jay Bruce was the catalyst in the Reds’ 7-5 victory over the Giants on Monday night, drilling a pair of two-run home runs. It’s good timing for the Reds, as the trade deadline is six days away. The Reds might prefer to get a prospect or two for Bruce rather than pick up his $13 million club option for 2017 or buy him out for $1 million and let him walk into free agency.

It was only a year ago that it seemed like the Reds would have to settle for next-to-nothing to get rid of Bruce. He posted career-lows across the board in 2014, including a .654 OPS and 18 home runs. He improved last season, returning to 26 home runs, but came with an uninspiring .729 OPS.

This year is another story. Bruce is currently hitting .272/.326/.564 with 23 home runs and a league-best 77 RBI. He’s on pace to set career-bests in a lot of categories if he’s able to stay healthy.

Bruce was honest about his resurgence, though, admitting that he doesn’t know why he’s so much better this year as Zach Buchanan of the Cincinnati Enquirer reports.

This is such a fleeting game. It’s so unforgiving. You’re never settled. You’ve never got it. You’ve never figured it out. It’s like a puzzle that never has all the pieces to it. You might get close and feel pretty good about your progress, but you never are going to have the puzzle put together.

Bruce, who welcomed a child into the world back in April, also discussed the difficulties of hearing his name bandied about in trade rumors once again.

It’s harder this year. I have a family I have to focus on now. Logistically, it’s much more intricate. I know the skit. I know how it goes. But it will be nice when it’s passed because we’ll have a plan of attack on whether my family is staying where they are in Cincinnati or elsewhere.

This is a point of view that is not often covered. This time of the year can be very difficult for players who may be traded, as they await a phone call that could send their lives into upheaval. It may mean being away from their families for three months. It means living out of a hotel room or finding a place to live on very short notice. Even Bruce’s comments about his success this year are illuminating about the mental strain of the game.

As usual, great reporting by Buchanan. His full article is worth your time.