Judge rejects higher offer from MLB’s preferred buyer of Texas Rangers; auction will proceed

Rangers auction will proceed despite higher offer

FORT WORTH, Texas — The auction to sell the Texas Rangers will proceed as planned next week, despite a last-minute increase in the offer from Major League Baseball’s preferred buyer.

The court-appointed restructuring officer in the team’s bankruptcy case asked the judge Friday to forego an auction, saying the group led by Hall of Fame pitcher Nolan Ryan and Pittsburgh attorney Chuck Greenberg had increased its offer.

But U.S. Bankruptcy Judge D. Michael Lynn rejected that plan, so the Greenberg-Ryan group’s initial $575 million bid will remain. The new bid had been filed under seal, but a Rangers’ attorney told the judge it was $40 million higher.

The judge made his decision after attorneys for Dallas Mavericks owner Mark Cuban and another potential bidder said their clients were preparing to bid at the auction.