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MLB Gaming Sale of Texas Rangers

By       Message Diane M. Grassi     Permalink
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Back in 1989, it was but a no-brainer for George W. Bush to inject himself into the proposed purchase of the then flailing Major League Baseball (MLB) Texas Rangers. His goals in mind were to propel himself into the governor's mansion in Austin, TX and eventually to the presidency of the United States, while even making a little bit of cash along the way. And he succeeded on all fronts.

And just a dozen years after the sale of the Rangers by Bush and his investors in 1998, the Texas Rangers organization is again immersed in financial wheeling and dealing, with an upside down ledger.

For its expected imminent sale by owner, Thomas O. Hicks, has been met by a major snag from both his creditors and Major League Baseball (MLB), which has injected itself into the middle, with its purported takeover of the Rangers in the very near future.

Should MLB proceed to seize the club, it could be facing an involuntary bankruptcy by creditors, and tied up in court indefinitely while owners of MLB's 29 other clubs incur the cost of operations of the Rangers.

But that prospect does not seem to deter MLB commissioner, Bud Allen Selig, as he believes that MLB's taking control of the Rangers will offset any bankruptcy proceedings; but another gamble.

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Diane M. Grassi is an investigative journalist and reporter providing topical and in-depth articles and analysis on U.S. public policy and governmental affairs, including key federal and state legislation as well as court decisions relative to the (more...)
 

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