Editing Texas Rangers (baseball) (section)

====Rangers Baseball Express, LLC====
Following financial problems, including defaulting on a $525&nbsp;million loan,<ref>{{cite web |url=http://www.finalternatives.com/node/7478 |title=Tom Hicks' Sports Group Defaults On $525 Million In Loans |publisher=FINalternatives |date=April 3, 2009 |access-date=August 29, 2013 |archive-date=October 17, 2013 |archive-url=https://web.archive.org/web/20131017000931/http://www.finalternatives.com/node/7478 |url-status=live }}</ref> [[Tom Hicks]] and Hicks Sports Group reached an agreement to sell the Texas Rangers to group headed by Pittsburgh sports lawyer [[Chuck Greenberg (businessman)|Chuck Greenberg]] and Rangers team president Nolan Ryan for approximately $570&nbsp;million on January 22, 2010.<ref name="mlb.mlb.com">[http://mlb.mlb.com/news/article.jsp?ymd=20100122&content_id=7958194&vkey=news_tex&fext=.jsp&c_id=tex&partnerId=rss_tex Hicks' sale of Rangers finalized] ''MLB.com''</ref> Hicks also sold much of the land surrounding Rangers Ballpark to Greenberg and Ryan's group in a separate deal.

However, one of HSG's principal lenders, Monarch Alternative Capital, opposed the sale on grounds that the proceeds would not fully repay the defaulted HSG notes.<ref>{{cite web |url=http://bizofbaseball.com/index.php?option=com_content&view=article&id=4309:brown-time-for-mlb-to-play-hardball-on-the-texas-rangers-sale&catid=26:editorials&Itemid=39 |title=Brown: Time for MLB to Play Hardball on the Texas Rangers Sale |publisher=Bizofbaseball.com |date=April 22, 2010 |access-date=August 29, 2013 |archive-date=February 24, 2016 |archive-url=https://web.archive.org/web/20160224203151/http://www.bizofbaseball.com/index.php?option=com_content&view=article&id=4309:brown-time-for-mlb-to-play-hardball-on-the-texas-rangers-sale&catid=26:editorials&Itemid=39 |url-status=live }}</ref> On April 21, Major League Baseball issued a statement declaring the Rangers' sale to be under the control of the Commissioner to expedite the process.<ref>{{cite web |url=http://rangersblog.dallasnews.com/archives/2010/04/mlb-statement-on-rangers-sale.html |title=MLB statement on Rangers sale : Texas Rangers Blog &#124; |work=The Dallas Morning News |publisher=Rangersblog.dallasnews.com |date=April 21, 2010 |access-date=August 29, 2013 |archive-date=October 3, 2011 |archive-url=https://web.archive.org/web/20111003152417/http://rangersblog.dallasnews.com/archives/2010/04/mlb-statement-on-rangers-sale.html |url-status=live }}</ref><ref>{{cite web |author=Fort Worth Star-Telegram |url=http://startelegramsports.typepad.com/foul_territory/2010/04/mlb-says-its-in-control-of-sale.html |title=Foul Territory: MLB says it's in control of sale |publisher=Startelegramsports.typepad.com |date=April 21, 2010 |access-date=August 29, 2013 |archive-date=January 2, 2021 |archive-url=https://web.archive.org/web/20210102185834/https://startelegramsports.typepad.com/foul_territory/2010/04/mlb-says-its-in-control-of-sale.html |url-status=live }}</ref> As the stalemate between HSG and its creditors continued, the Texas Rangers filed for [[Chapter 11, Title 11, United States Code|Chapter 11 bankruptcy]] on May 24.<ref>{{cite news| url=http://www.nydailynews.com/sports/baseball/yankees/2010/05/24/2010-05-24_arod_takes_a_hit_texas_rangers_file_for_bankrupcty_could_cost_yankees_alex_rodri.html | location=New York | work=Daily News | title=A-Rod takes a hit: Texas Rangers file for bankruptcy, could cost Yankees' Alex Rodriguez $25 million | first1=Bill | last1=Madden | first2=Corky | last2=Siemaszko | date=May 24, 2010}}</ref><ref name="blogs.wsj.com">{{cite news | url=https://blogs.wsj.com/bankruptcy/2010/05/24/texas-rangers-owe-alex-rodriguez-249-million/ | work=The Wall Street Journal | title=Texas Rangers Owe Alex Rodriguez $24.9 Million | first=Eric | last=Morath | date=May 24, 2010 | access-date=August 4, 2017 | archive-date=January 2, 2021 | archive-url=https://web.archive.org/web/20210102185738/https://www.wsj.com/articles/BL-BANKB-12524 | url-status=live }}</ref> As of that date, the Rangers and HSG had an estimated debt of $575&nbsp;million.<ref name="blogs.wsj.com"/> Much of the unsecured debt was owed in back salary. Yankees third baseman Alex Rodriguez topped the list of unsecured creditors with an estimated $24.9&nbsp;million owed by the Rangers.<ref name="blogs.wsj.com"/> The sale would repay all the team's creditors, including Rodriguez and other players owed back salary.<ref name="blogs.wsj.com"/> Following a court-ordered public auction to be held on August 4 with the winning bid submitted by Greenberg/Ryan, the bankruptcy court closed the case. The sale to Greenberg/Ryan was approved by all 30 MLB owners at the owners meeting in Minneapolis on August 12. The new ownership group was called Rangers Baseball Express, LLC and had Chuck Greenberg serving as managing general partner and Nolan Ryan as club president.<ref>{{cite web |url=http://texas.rangers.mlb.com/news/article.jsp?ymd=20100804&content_id=13024390 |title=Rangers go to Greenberg-Ryan in auction |publisher=Texas.rangers.mlb.com |date=May 24, 2013 |access-date=August 29, 2013 |archive-date=October 4, 2013 |archive-url=https://web.archive.org/web/20131004214053/http://texas.rangers.mlb.com/news/article.jsp?ymd=20100804&content_id=13024390 |url-status=dead }}</ref> Oil magnates [[Ray Davis (businessman)|Ray Davis]] and [[Bob R. Simpson]] paid the bulk of the $539&nbsp;million sale price, and became co-chairmen, with the largest stakes in the ownership group. However, they remained mostly in the background as senior consultants, leaving the team mostly in Greenberg and Ryan's hands.<ref name=undercover>{{cite web |url=http://www.dmagazine.com/Home/D_CEO/2012/October/Ray_C_Davis_The_Undercover_Billionaire.aspx |title=D CEO : Ray C. Davis: The Undercover Billionaire |publisher=Dmagazine.com |access-date=December 3, 2013 |archive-date=November 14, 2012 |archive-url=https://web.archive.org/web/20121114181510/http://www.dmagazine.com/Home/D_CEO/2012/October/Ray_C_Davis_The_Undercover_Billionaire.aspx |url-status=live }}</ref><ref name="DavisControl" />