Ryan and Pittsburgh sports attorney Chuck Greenberg beat fierce competition by Mark Cuban, the owner of National Basketball Association franchise Dallas Mavericks, and Houston businessman Jim Crane, who jointly bid for Rangers.
The Green-Ryan group’s final offer included $385 million in cash and an agreement to assume the team’s $208 million in liabilities. Cuban and Crane decided to give up after the winning group made their final bid.
“It’s a relief to get it done,” Ryan said in an interview after the bidding ended. “This has been a saga that has just gone on and on.”
US Bankruptcy Judge D. Michael Lynn is scheduled to consider approving the sale later today. MLB rules also require 75 per cent of its 30 team owners to approve the group as the buyer.
