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

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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.

Miguel Montero to be designated for assignment

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A play in three acts:

I.

Miguel Montero talks smack about his teammate

II.

A team leader talks smack about Miguel Montero

III.

The Cubs get rid of Miguel Montero:

This is rather surprising. As I said in the last post, I figured he’d apologize today and it’d all be in the past. Guess not. Even more surprising: we learned earlier this week that the key to good clubhouse chemistry is having a teammate everyone hates. Guess that only works for the Giants.

Montero is making $14 million this season, so the Cubs are definitely eating some money to make a headache go away. They’re also losing some offensive production, as Montero has hit a nice .286/.366/.439 on the season. His terrible defense against opposing baserunners mitigates that, of course. And the whole “pissing off everyone in the clubhouse” thing isn’t exactly working out for him either, so here we are.

Oh well, have a good one, Miguel.

We now have photographic proof that Tom Ricketts and Ted Cruz are different people

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A lot of people think they have a double walking around someplace on Earth. They may actually be right. We have an example of this in baseball and politics.

Cubs owner Tom Ricketts looks a lot like Texas senator Ted Cruz. Or, since Ricketts is older, I guess Cruz looks like Ricketts. Either way, they could play brothers if someone put on, like, the worst ever production of some play about brothers.

If you’re not familiar with one or both of those guys, take a gander at the photo that was taken of the two of them in Washington this morning as the Cubs made the rounds with their World Series trophy:

If they put those rings together, Tom can turn into any animal and Ted can turn into anything made out of water. True story.