Why do the Rangers need to file for Chapter 11 in order to complete the sale to new owners?
Texas Rangers Baseball Partners, the current owner of the Texas Rangers Baseball Club, and Rangers Baseball Express, the local investor group led by team president Nolan Ryan and Chuck Greenberg, have a plan to facilitate the completion of the previously announced sale of the Club to the Greenberg‐Ryan group. We think the sale is in the best interests of the Rangers franchise and fans. For the past several months, there has been resistance by a group of creditors to this sale. We’ve chosen to implement the sale through a voluntary, “prepackaged,” court‐supervised process because Chapter 11 is an orderly process that enables us to overcome the creditors’ objection and expeditiously transfer Rangers ownership to the Greenberg‐Ryan group while protecting the franchise’s baseball operations. Upon approval by the Court, our plan will pay all creditors in full, including 100 percent of the Rangers’ debt to the creditors. This process, which will have no impact on Rangers baseball or business
