12/21/24
August 05, 2010
Ryan-Greenberg Group Wins Texas Rangers Auction: A group led by Nolan Ryan and Chuck Greenberg won the courthouse auction for the Texas Rangers shortly before 1 a.m. Thursday, submitting a $590 million bid a little under $9 million higher than Mark Cuban and Jim Crane. "It was time for someone to say uncle," said Ryan, currently serving as team president. Greenberg is a Pittsburgh attorney. Local columnist Randy Galloway suggests that Cuban, who had bought some of the Rangers' debt prior to the auction, was trying to increase the price for self-serving reasons -- and has now hurt the new ownership's ability to spend money: "This is shameful, Mark. Even for you, it’s shameful."
I disagree with Galloway. Cuban has wanted to buy a baseball team for a long time. This auction was the first of a Major League team since 1993, and it represented a great opportunity for him to get one in spite of the league's reluctance to let him in. I don't think he needs money badly enough to engage in shill bidding -- he bought some debt so he could have access to team financials before preparing his own bid, which is sound business judgment.
If Ryan and Greenberg gave up, Cuban's group wins the auction at $581 million.
posted by rcade at 09:20 AM on August 05, 2010
Yeah, I don't get the backlash against Cuban. This is the way auctions work. I don't see any reason to believe that he wasn't actually interested in buying the Rangers.
posted by bender at 09:50 AM on August 05, 2010
I'm a big fan of Cuban, but I think the Ryan/Greenberg group is probably better for the Rangers in the long run. It would've been a lot of fun to see Selig squirm if Cuban had won, though.
It may not be as sound of an investment (from a strictly financial POV), but maybe Cuban can look into buying the Stars? It seems a more natural fit anyways.
Galloway should've been put out to pasture long ago. He's got his head so far up the "Good Old Boys of Dallas sports" asses that he's probably choking on pancreatic fluid.
posted by Ufez Jones at 01:27 PM on August 05, 2010
Very sour article, have to wonder what the backstory is with Galloway and Cuban.
Galloway comes across as someone who was desperate to have Nolan Ryan as an owner and is bitter at Cuban for having the termerity to offer $580M for the team. How can you paint the Mavericks as a "...flat-line outfit, life and death in this era to simply survive the first round of the playoffs" is beyond me - what on earth does that make the Suns, Nuggets or Blazers?
I have to admit as Mariners fan I'm much happier with Ryan/Greenberg than Cuban. Once you get by the clown act Cuban has done some very shrewd things with the Mavs; I'd like to think the more 'traditional' owners in Ryan/Greenberg are more likely to continue to screw over the team.
posted by deflated at 01:35 PM on August 05, 2010
Even if Cuban didn't want the team, I expect the higher the final price the more cents on the dollar he gets for his bond holdings. And last I read there was nothing illegal or underhanded with his bidding since he would have been glad to become the team owner--there was no gun to Greenberg/Ryan's heads forcing them to keep bidding.
posted by billsaysthis at 01:59 PM on August 05, 2010
. He's got his head so far up the "Good Old Boys of Dallas sports" asses that he's probably choking on pancreatic fluid.
Thanks tons, Ufez, there's a concept that's going to be floating around in my mind for the rest of the day.
posted by tommybiden at 02:10 PM on August 05, 2010
Mixed feelings as to winner. I think I would have liked Cuban as owner, but did not want to lose Ryan and Daniels in front office (even though I am not as convinced of the greatness of their recent trade moves as others).
But I see no reason to complain about Cuban bidding up the price. Price that Greenberg was eventually willing to pay shows that he was getting at a big discount. I don't know that those owed money need to get screwed in the process just to get the "right" owner in place. Also, there certainly is no guarantee that the extra money spent to buy the club would have gone toward anything to improve the club. Owning the team is more about making money than anything, and Cuban probably more than Greenberg would be willing to delay making his money at an eventual resell years down the road while Greenberg (a lawyer) probably will want his money every year plus money at the end.
posted by graymatters at 02:46 PM on August 05, 2010
Thanks tons, Ufez, there's a concept that's going to be floating around in my mind for the rest of the day.
If it helps, after 45 minutes of thought, I figured the better line would've been 'He's got his head so far up the "Good Old Boys of Dallas sports" asses he's common-law married to Jerry Jones' spleen'. Pity the edit window only lasts so long...
posted by Ufez Jones at 08:19 PM on August 05, 2010
I like the idea you spent 45 minutes pondering that.
posted by yerfatma at 08:44 AM on August 06, 2010
Cuban showed how slimy he really is. I'm glad Nolan gets to finish what he has started in Arlington. Been a long time since there was an owner with some class in the D/FW sports scene.