The Rangers sale is a "trainwreck"

Leave a comment

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.

Rangers turn the sort of triple play that has not been done in 106 years

Associated Press
6 Comments

Triple plays are rare. Triple plays in which only two players touch the ball are even more rare. But last night the Texas Rangers turned a triple play that was even more rare than that. Indeed, it was the sort of triple play that had not been turned since a couple of months after the Titanic sank.

Here’s how it went down:

With the bases loaded and nobody out in the fourth inning, David Fletcher of the Angels hit a sharp one-hopper, fielded by third baseman Jurickson Profar. He stepped on third, getting the runner on second base in a force out. He then quickly tagged Taylor Ward, who had been on third base but had broken, thinking the ball was going to get through, and who froze before figuring out what to do. Profar then threw to Rougned Odor, who stepped on second to force the runner out who had been on first. Watch:

Like a lot of weird triple plays, not everyone was sure what had happened immediately. Odor, for example, had already made the third out when he touched the bag but he still attempted to tag out the runner from first, likely not yet having processed it all. The announcer wasn’t aware of it either. Understandable given how fast it all happened. It took me a couple of times watching it to figure it all out.

The historic part of it: according to STATS, Inc., it was the first triple play in 106 years in which the batter was not retired. The last time it happened: June 3, 1912, turned by the Brooklyn Dodgers against the Cincinnati Reds.