While everyone keeps assuming that the sale of the Texas Rangers to the Greenberg Group is imminent and that no one should be worrying, the fact is that the Friday deadline has come and gone and there’s still no deal. Could last month’s report of financial difficulties be the problem? Or is it something new? Jon Heyman reports that all isn’t as rosy as everyone wants it to seem, and the problem is Tom Hicks, who is acting as both seller and (minority) buyer in this deal:
But MLB has about had it with Hicks, and top officials say they may
soon take over the sale of the team, which potentially could bring the
other two hopeful buyers back into the picture, those being Houston
businessman Jim Crane, and former agent, and current White Sox executive, Dennis Gilbert, who has appeared to be baseball’s top choice from the start. The sale
price is expected to be $570 million, according to sources. One
impediment to a deal has been Hicks’ insistence upon maintaining
significant power even after collecting the sale proceeds. Greenberg’s
big edge had been that he was willing to allow Hicks to remain as a
board member who’d attend owners meetings.
MLB fronted Hicks millions in order to meet payroll and expenses last summer. One wonders, based on what Heyman is saying, what kinds of strings were attached to that deal. Could they just step in and make the deal with Greenberg — or call Crane or Gilbert — against Hicks’ wishes?