Deals
Rangers Creditors Said to Oppose Sale to Ryan Group
This article is for subscribers only.
Creditors of the Texas Rangers, the Major League Baseball team that filed for bankruptcy yesterday, object to the $575 million sale to investors led by Hall of Fame pitcher and team president Nolan Ryan and his partner Chuck Greenberg, according to two people familiar with the matter.
The creditors, led by Monarch Alternative Capital, object to a planned sale of the club, which is controlled by billionaire Thomas Hicks, according to the people, who asked not to be identified. Hicks’s HSG Sports Group LLC, the parent company of the Rangers, defaulted on $525 million of debt last year. A bankruptcy judge will consider creditors’ objections in deciding whether to approve the sale.