Report: MLB, Bud Selig Set to Take Control of the Texas Rangers
It's being reported by Bizofbaseball.com that if Hicks and his creditors can't come to an agreement on selling the Rangers to a group led by Chuck Greenberg and Nolan Ryan this week, Bud Selig will invoke the "best interest of baseball" clause in the game's constitution and seize control of the Rangers franchise.
What this would effectively do, or at least MLB hopes it would do, is allow MLB to sell the Rangers to the Greenberg/Ryan group. After all, it's Tom Hicks who owes his creditors money, not the Texas Rangers. The problem there is that the creditors could force the Rangers into an involuntary bankruptcy, and then this situation would be up for the courts to decide.
Now the main bone of contention between Hicks and his creditors is how they'll split the money should he sell the team to the Greenberg/Ryan group. Greenberg and Ryan have reportedly agreed to pay Hicks $570 million for the Rangers plus 154 acres of land surrounding Rangers Ballpark in Arlington.
Hicks' creditors want $300 million of it. Hicks only wants to give them $270 million.
If neither side can come to an agreement, and MLB does seize control of the Rangers, it'll be the first time the league has "owned" a team since taking over the Montreal Expos from Jeffrey Loria in 2001 before eventually moving the team to Washington D.C..