Nolan Ryan group wins Rangers auction
FORT WORTH, Texas -- An investment group led by Hall of Fame pitcher and Texas Rangers president Nolan Ryan won a contentious and unusual auction for the team early Thursday, beating back a nearly $600 million offer from outspoken Dallas Mavericks owner Mark Cuban.
Officials in federal bankruptcy court announced the winning bid to cheers and a standing ovation in the courtroom, some 10 hours after the auction began.
The Greenberg-Ryan group had Major League Baseball's endorsement, and its final offer included $385 million in cash. The final hearing on the team's bankruptcy plan was scheduled for later Thursday.
"It was an emotional roller coaster," a smiling Ryan said between hugs with colleagues and well-wishers in the courthouse. "You go to court one day and it didn't go your way, but you go back another day and it would. It's a relief."
Final approval of the Rangers sale rests with MLB, which had the option of choosing the second-highest bid instead. But it didn't come to that. ...