Mark Cuban Seeks to Force Expedited Approval of Rangers Bankruptcy Sale
Mark Cuban, the Dallas Mavericks owner, sought to force Major League Baseball to speed up its process for approving him as the buyer of the Texas Rangers if he wins an auction for the baseball team.
Cuban needs expedited approval because he must close the sale by Aug. 16 if he is the successful bidder at the auction this week, his lawyers said today in court papers in U.S. Bankruptcy Court in Fort Worth, Texas.
Major League Baseball, which must approve any new owner of the Rangers, can speed up its approval process, “but, for reasons unknown, appears wholly unwilling to do so” Cuban’s lawyers wrote.
The Rangers are scheduled to go on the auction block on Wednesday. Cuban and Houston businessman Jim Crane have said they intend to bid for team and compete against a rival bid from a group led by team president Nolan Ryan and attorney Chuck Greenberg.
Cuban said Major League Baseball has agreed to speed up its approval process for the Greenberg-Ryan group, which will meet with baseball officials on Aug. 9. If Cuban wins, approval could take up to nine months, he said.
Patrick Courtney, a spokesman for Major League Baseball, couldn’t immediately be reached for comment.
The case is In re Texas Rangers Baseball Partners, 10- 43400, U.S. Bankruptcy Court, Northern District of Texas (Fort Worth).