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.

Gary Sanchez stays red hot, homers again as Yankees blank Mariners

SEATTLE, WA - AUGUST 22:  Gary Sanchez #24 of the New York Yankees hits a home run against the Seattle Mariners in the first inning at Safeco Field on August 22, 2016 in Seattle, Washington.  (Photo by Otto Greule Jr/Getty Images)
Otto Greule Jr/Getty Images
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Yankees catcher Gary Sanchez has wasted no time acclimating himself to major league competition. Since getting called back up on August 3, Sanchez has smacked nine homers and driven in 16 runs in a span of 18 games. In fact, since August 3, no hitter has homered more than Sanchez and only Charlie Blackmon and Brian Dozier have matched him, Katie Sharp of River Ave Blues notes.

One of those homers came in Wednesday afternoon’s game against the Mariners at Safeco Field. It was a first-inning blast off of Hisashi Iwakuma, quickly giving the Yankees a 1-0 lead. They would go on to win 5-0. Sanchez finished 2-for-3 with a pair of intentional walks, a double, and the homer.

Some more fun facts about Sanchez, courtesy Sharp:

  • Sanchez is the first Yankee in club history with nine home runs in his first 21 career games [Link]
  • Sanchez is the third American League player in the last 100 years to hit at least nine home runs in his first 21 career games, joining George Scott and Alvin Davis [Link]
  • Sanchez and Joe DiMaggio are the only Yankees with 15 or more extra-base hits in their first 21 career games [Link]

Sanchez was considered the fifth-best prospect in the Yankees’ minor league system, according to MLB Pipeline. In the majors, he’s carrying a .389/.450/.847 triple-slash line in 79 plate appearances. He has also thrown out five of seven would-be base-stealers.

Katie Ledecky made Bryce Harper hold her medals while she threw the first pitch at Nationals Park

RIO DE JANEIRO, BRAZIL - AUGUST 13:  (BROADCAST - OUT) Swimmer, Katie Ledecky of the United States poses for a photo with her five medals on the Today show set on Copacabana Beach on August 13, 2016 in Rio de Janeiro, Brazil.  (Photo by Harry How/Getty Images)
Harry How/Getty Images
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American swimmer Katie Ledecky, fresh off of winning four gold medals at the 2016 Summer Olympics in Rio De Janiero, Brazil, was in Washington, D.C. on Wednesday night to throw out the ceremonial first pitch prior to the Nationals’ game against the Orioles.

As NHL.com’s Katie Brown notes, Ledecky’s favorite player is Nationals outfielder Bryce Harper, who was on the field with her. So what did she make him do? Hold all of her medals while she threw out the first pitch.

Harper has his fair share of hardware, including a Rookie of the Year Award and an MVP Award, but no gold medals. For shame.