The Rangers sale is a "trainwreck"

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That’s the viewpoint of someone associated with the group of creditors meeting with prospective Rangers’ owners Chuck Greenberg and Nolan Ryan in New York tomorrow in an attempt to iron out their differences regarding the team’s sale. It’s an ominous sign with respect to something that everyone is assuming is a done deal.

As you’ll recall, the creditors are led by a hedge fund called Monarch Alternative Capital, which bought up a bunch of Hicks Sports’ Group’s debt when it nearly defaulted on its obligations last summer.  The creditors have to sign off on the tentative agreement between Hicks and Greenberg/Ryan, and from the sound of it, they don’t have a huge incentive to do so.  According to the article:

The key issues, the sources said, are that while the sale has an
announced price of $570M, there is only $390M of cash changing hands,
with the difference assumed liabilities. And of that the banks would
only get $250M, sources said. Before they get paid, according to the
deal, Hicks would be paid for the real estate around the ballpark, MLB
must be paid for loans it forwarded the team, and Rangers investment
bankers, Merrill Lynch and Raine get paid too.

That’s right: Tom Hicks has helped broker a deal in which he personally gets paid before the people from whom his spendthrift ownership group had to borrow in order to make ends meet last year. And of course, Hicks himself is part of the new ownership group too. The result: an angry group of creditors is worried that they’re going to only get pennies on the dollar — “We will be better off in bankruptcy court,” a source says — and may very well tell Greenberg, Ryan and Hicks to go back to the drawing board. If that happens, you have to figure that Jim Crane and Dennis Gilbert, who were reported to have better bids than Greenberg — would come back into play.

In December I reported that there were people around Major League Baseball who were worried about this deal coming together.  Those worries were brushed off at the time.  Based on what we’re hearing today, I have this feeling that they’re back.

Orioles sign OF Aaron Hicks, put Cedric Mullins on 10-day IL with groin strain

Tommy Gilligan-USA TODAY Sports
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BALTIMORE — The Baltimore Orioles signed outfielder Aaron Hicks less than 24 hours after Cedric Mullins went down with a strained right groin.

Mullins went on the 10-day injured list, but the Orioles are hoping Hicks can help defensively in the spacious outfield at Camden Yards. Hicks was released last week by the New York Yankees with more than 2 1/2 seasons left on his contract.

“We had noticed that he was a free agent even before the injury,” Orioles general manager Mike Elias said. “When the injury occurred and it became pretty clear this was going to be an IL, it seemed like a good fit even more so at that time.”

The Orioles are responsible for paying Hicks just $483,871, a prorated share of the $720,000 minimum salary. The Yankees owe him the rest of his $10.5 million salary this year, plus $9.5 million in each of the next two seasons and a $1 million buyout of a 2026 team option.

The 33-year-old Hicks hit just .188 in 28 games for the Yankees this year.

“We have stuff that we look at from a scouting and evaluation perspective,” Elias said. “It’s very different from just looking at the back of a baseball card, and we hope that we get a bounceback from anyone we bring here.”

Hicks batted .216 last season.

“Hopefully that’s a good thing for him,” Yankees manager Aaron Boone said of the Baltimore deal. “A lot of time here and a lot of good things happened for him here. I know the last couple of years have been a struggle. But hopefully it’s a good opportunity for him and certainly wish him well. Not too well being in our division and a team we’re chasing, but hopefully it’s a really good fit for him.”

Mullins left a loss to Cleveland after he pulled up while running out an infield grounder. Outfielder Colton Cowser – the fifth pick in the draft two years ago – is hitting .331 at Triple-A Norfolk, but he went on the IL in the past couple weeks.

“Certainly he was building a case towards promotion consideration prior to his injury and prior to Cedric’s injury,” Elias said. “We’ll just see where we’re at.”

Hicks was active for the game but not in the starting lineup. Austin Hays, normally Baltimore’s left field, was in Mullins’ usual spot in center.

When the wall in left at Camden Yards was pushed significantly back before last season, it made left field a bigger challenge defensively.

“In this park … you really need two center fielders,” manager Brandon Hyde said. “Aaron’s got a lot of center-field experience. Played left field here before also. Brings the defensive aspect and then the switch-hitting.”