FORT WORTH, Texas (AP) — The Texas Rangers want to hold an auction next month for the team’s sale.
The surprise motion filed in bankruptcy court Monday says the team will open the sale back up to bidders, who must meet certain Major League Baseball qualifications first.
In May the Rangers filed for Chapter 11 bankruptcy protection in a plan to pay creditors $75 million and sell the team to a group led by Pittsburgh attorney Chuck Greenberg and Nolan Ryan, the Hall of Fame pitcher and team president.
But angry creditors have opposed the sale.
The team says it agreed to an auction after the court-appointed restructuring officer indicated he’d be more likely to approve the bankruptcy plan after an auction.
Greenberg and Ryan say they still believe their $575 million bid is the best offer.
