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



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.

Report: Yoenis Cespedes to opt out of contract with Mets

SAN FRANCISCO, CA - AUGUST 20:  Yoenis Cespedes #52 of the New York Mets hits an rbi double scoring Jose Reyes #7 against the San Francisco Giants in the top of the first inning at AT&T Park on August 20, 2016 in San Francisco, California.  (Photo by Thearon W. Henderson/Getty Images)
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Jon Heyman of FanRag Sports reports that Mets outfielder Yoenis Cespedes will opt out of his contract shortly after the World Series concludes. Cespedes, who earned $17.5 million for the 2016 season, has two years and $47.5 million remaining on his deal which includes an opt-out clause.

That Cespedes plans to opt out isn’t surprising as he’s almost certain to get a better contract entering a weak free agent market. He hit a terrific .280/.354/.530 with 31 home runs and 86 RBI in 543 plate appearances for the Mets this past season.

It remains to be seen how the Mets will deal with potentially losing Cespedes. They can pick up a $13 million club option for Jay Bruce, but he performed terribly after joining the Mets in a trade from the Reds. The Mets could also go after free agents Jose Bautista or Mark Trumbo. Curtis Granderson and Michael Conforto will handle the other two outfield positions.

David Ortiz and Kris Bryant win 2016 Hank Aaron Awards

CLEVELAND, OH - OCTOBER 26:  (L-R) Kris Bryant #17 of the Chicago Cubs, Major League Baseball Hall of Famer 2016 Hank Aaron, Commissioner of Baseball Rob Manfred and David Ortiz #34 of the Boston Red Sox pose during the Hank Aaron Award ceremony prior to Game Two of the 2016 World Series between the Chicago Cubs and the Cleveland Indians at Progressive Field on October 26, 2016 in Cleveland, Ohio.  (Photo by Jason Miller/Getty Images)
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Major League Baseball announced on Wednesday that former Red Sox DH David Ortiz and Cubs third baseman Kris Bryant won the 2016 Hank Aaron Award in their respective leagues.

Ortiz, 40, flourished in his final season, batting .315/.401/.620 with 38 home runs and 127 RBI in 626 plate appearances during the regular season. His .620 slugging percentage, 1.021 OPS, and 48 doubles led the majors while his 127 RBI led the American League. Ortiz also won the Hank Aaron Award back in 2005.

Bryant, 24, is the likely winner of the National League Most Valuable Player Award as well. He hit .292/.385/.554 with 39 home runs and 102 RBI over 699 plate appearances. He also led the league by scoring 121 runs. Bryant is the first Cub to win the Hank Aaron Award since Aramis Ramirez in 2008.

Last year’s winners in the AL and NL, respectively, were Josh Donaldson and Bryce Harper.