Creditors reject Greenberg's latest offer

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Chuck Greenberg keeps telling everyone who will listen that there’s nothing to worry about, the sale of the Rangers will close by April 1, and all will be happy and sunshine. Events on the ground, however, continue to make such a scenario less and less likely. According to Daniel Kaplan of Sports Business Daily:

Hicks Sports Group creditors late last week again turned down terms for the
sale of the Rangers, continuing to throw into question when the ballclub will
be sold, sources said.

To review, under terms of the initial deal, the creditors were to get $230 million in cash. They want $300 million and have at least claimed that they’d throw the team into bankruptcy court in order to get it.  Now, to be fair, the odds of actually collecting that amount in bankruptcy court are rather small, and that’s before you even figure in the legal fees and hassle. But that’s the posture anyway, and each time Greenberg has attempted to get the deal done, they’ve said no dice.

Last week’s back and forth had Greenberg upping the offer to $240 million or $275 million depending on who you believe (the $275 million figure was supposed to contain deferred money).  $30-$60 million ain’t hay, so it’s not like you can expect the creditors to simply say “ah, screw it, let’s just round down” any more than you can expect Greenberg to simply say “ah screw it, I’ll just write you a check to get it done.”

This doesn’t mean Greenberg doesn’t end up with the Rangers at some point. It does, however, yet again, render the rosy “every little thing gonna be alright” jazz he’s been peddling since December increasingly silly.  Deals of this size get derailed over far less than $60 million, and even if they end up going through, a difference in that amount can utterly destroy the timeline.

Upshot: there’s a very real possibility that the Rangers may spend another season, or at least a good chunk of it, in the same kind of financial limbo they were in last year. A year in which they had to beg MLB for loans.

Troy Tulowitzki held a workout for eleven clubs

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Yesterday free agent shortstop Troy Tulowitzki held a workout in California and representatives from at least eleven teams were on hand, reports Tim Brown of Yahoo. Among the clubs present: the Giants — who were said to have a “heavy presence,” including team president Farhan Zaidi and manager Bruce Bochy — the Angels, Red Sox, Cubs, Padres, White Sox, Orioles, Yankees, Phillies, Tigers and Pirates.

Your first reaction to that may be “Um, really? For Tulowitzki?” But a moment’s reflection makes it seem more sensible. We’re so tied up in thinking of a player through the filter of their contract and, when we’ve done that with Tulowitzki over the past several years, it has made him seem like an albatross given the $20 million+ a year he was earning to either not play or play rather poorly due to injuries.

It was just the contract that was the albatross, though, right? An almost free Tulowitzki — which he will be given that the Blue Jays are paying him $38 million over the next two seasons — is a different matter. If you sign him it’ll be for almost no real money and he stands a chance to be an average or maybe better-than-average shortstop, which is pretty darn valuable. You might even get one quirky late career return-to-near-glory season from him, in which case you’ve hit the lottery. If, however, as seems more likely, he just can’t get it done at all, you’re not out anything and you can cut him with little or no pain.

Eleven teams think he’s at least a look-see. I bet one of them will offer him a major league deal. Maybe more than one. He’ll probably have his pick of non-roster invites to spring training. I can’t see the downside to at least doing that much.