Bids for Texas Rangers Underway | IXGAMES

Preparation of bids for the Texas Rangers is underway as the groups interested in the purchase are on their way to meet up with the Major League Baseball team’s management. Bids for the team are expected to be around $500 million to $550 million according to analysts. Basically, they aim to have the transaction settled soon, with the winning bidder identified and a complete sale accomplished by the end of 2009. Some of those interested in the bidding include Jim Crane, Chuck Greenberg, and Dennis Gilbert. A look into the potential buyers A Houston businessman, Jim Crane is in charge of running his own freight forwarding company and has earlier bid for the Chicago Cubs. A self-made millionaire, the 55 year old started the Crane Worldwide Logistics in 2008 and is expected to generate around $1 billion for the next four to six years. Crane was also a pitcher from 1973 to 1976 for Central Missouri. Chuck Greenberg is a sports attorney as well as a minor league baseball team owner. He’s also the personal attorney of Mario Lemieux and has helped with the purchase of the Pittsburgh Penguins. Included in Greenberg’s group is Nolan Ryan who is a Hall of Fame pitcher and is the present Rangers’ president. Dennis Gilbert’s sports agency was once a representative of the home run king Barry Bonds. Gilbert is also a special assistant to the Chicago White Sox’s owner. The 62-year old Gilbert is known as one of baseball’s best agents during the 1980’s with clients including George Brett and Barry Bonds. A fourth group is said to be interested and has received the approval of baseball officials for the bid but is not taken as seriously as the other three. Tom Hicks’ decision to sell the team The Texas billionaire Tom Hicks who is currently the Rangers’ owner declared a few months ago about his sports group’s $525 million default in loans. Recently, the Rangers’ operational costs were loaned by the U.S. sports league. Hicks is also the owner of the English Premier League’s Liverpool soccer club, and the Hicks Sports Groups is the owner of the Dallas Starts hockey team. Bids for the Rangers first came up when Hicks made it known that he was looking for investors. However, Hicks stressed out that he was aiming to maintain a majority of ownership. Still, the Texas billionaire consented that he is open with the idea of selling the club. Former President George W. Bush formerly held a piece of the club during his post-political days. However, he comments that this time, he has no intention of bidding for the team. With these three potential buyers taking their time in studying the financial situation of the Texas Rangers team, Tom Hicks may be able to soon find a solution for the team’s default loans.