Hedge Fund Texas Rangers
Hedge Fund Blocking Sale of Texas Rangers Baseball Team
Last week, Hicks’ sports team holding company, Hicks Sports Group, announced its plan to sell the Texas Rangers for an unspecified amount, believed to be more than $500 million. But Monarch Alternative Capital, which holds $100 million of Hicks’ $525 million in defaulted debt, is reportedly unhappy with the deal to sell to a group led by Pittsburgh lawyer Chuck Greenberg and Nolan Ryan, the legendary Hall of Fame pitcher who serves as president of the Rangers.
HSG’s creditors, including Monarch, must approve the sale.
It is believed that the Greenberg-Ryan offer was not the richest received by HSG: Houston businessman Jim Crane’s bid was reportedly higher than the one that was accepted.
Monarch, a New York-based distressed-debt hedge fund, may think that the Greenberg-Ryan group isn’t offering enough, SportsBusiness Journal reports. Source
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