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.

Video: J.D. Martinez hits league-tying 23rd home run

Seattle Mariners v Boston Red Sox
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The Red Sox and Mariners left nothing on the table Friday night, going head-to-head in a series opener that eventually ended 14-10 in the Sox’ favor. Led by Steven Wright and Wade LeBlanc — neither of whom made it past the fifth inning — the teams combined for 34 hits and four home runs, including two moonshots from Seattle’s Nelson Cruz and a five-run rally that gave Boston the edge in the seventh.

In the sixth inning, however, the Red Sox were still scrambling to make up a four-run deficit. Left fielder J.D. Martinez cut it in half with one swing, pouncing on an 89.5-mph fastball from Seattle right-hander Nick Vincent and posting it to dead center field for a two-run shot.

The 427-foot blast was Martinez’s 23rd of the season, tying Mike Trout for the most home runs in the league this year. While he still has a ways to go before eclipsing the career-best 45-HR mark he set in 2017, he’s off to a strong start this season: Entering Friday’s game, the 30-year-old slugger was batting .315/.386/.623 with a 1.009 OPS and AL-leading 55 RBI in 308 PA. He finished Friday’s game 4-for-5 with five RBI, just one triple shy of hitting for the cycle.

Heading into the All-Star Break, both Martinez and Trout still have some competition for the home run title. Jose Ramirez is sitting at 22 homers, while Nelson Cruz and Khris Davis are tied at 20 apiece.