The Texas Rangers, the bankrupt Major League Baseball club, asked a judge for permission to hire Perella Weinberg Partners as an investment banker as it works to complete a sale of the team.
Perella Weinberg, which advised the team’s owner before the bankruptcy filing last month, would “identify potential investors,” the Rangers said in a court filing yesterday. The New York-based firm would be paid a monthly advisory fee of $87,500 and a one-time fee of $1.5 million upon completion of a restructuring or sale.
The Rangers already have agreed to a sale to a group led by Nolan Ryan, the team’s president, and Chuck Greenberg, a minor league club owner. Ronit Berkovich, a lawyer for the Rangers, declined to comment today on why the team wants to hire Perella Weinberg. Mark Semer, a Rangers spokesman, said the team isn’t marketing itself.
“The team has been marketed, a buyer has been chosen, and there’s no intention to market the team,” Semer said. He declined to comment further about services Perella Weinberg would provide, as described in the filing in U.S. Bankruptcy Court in Fort Worth, Texas.
Secured lenders in the bankruptcy case, including Monarch Alternative Capital, oppose the proposed sale. They say the Rangers could get a better deal.
Adam McGill, a spokesman for the lender group, didn’t have an immediate comment about the proposed hiring of Perella Weinberg.
In addition to identifying potential investors, Perella Weinberg would “contact and solicit” investors at the team’s request, according to the court filing. The firm also would help arrange financing for the Rangers while in bankruptcy and help structure and execute a sale of the team.
The case is In re Texas Rangers Baseball Partners, 10- 43400, U.S. Bankruptcy Court, Northern District of Texas (Fort Worth).