Texas Rangers Ask Court to Approve Auction for Team
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The Texas Rangers baseball team, which was moving ahead with a proposed sale of the club, reversed course and agreed to put its assets on the block as part of a bankruptcy auction.
The Rangers asked a judge to set a July 16 auction to ensure the highest price for the assets, according to papers filed yesterday in U.S. Bankruptcy Court in Fort Worth, Texas. The chief restructuring officer for the team’s equity owners “would be more likely to support” its bankruptcy plan, which is based on a sale, if there’s an auction, the Rangers said.