Chuck Greenberg and Nolan Ryan outbid Mark Cuban in an auction to win the right to buy the Rangers for $385MM, according to Bob Nightengale of USA Today. That figure does not account for debt owed to creditors, so the team actually costs about $200MM more.
The Rangers, who added Cliff Lee, Jorge Cantu, Cristian Guzman and Bengie Molina before the July 31st trade deadline, had trouble adding payroll, partly because of their uncertain ownership situation. Last night's auction should be a step toward financial stability for the club.
GM Jon Daniels could have opted out of his contract if the team's ownership had changed. He maintained that he wasn't thinking about that possibility, but the auction limits the chances that he'll opt out.
This is good news for the Rangers and good for baseball I think. Nice to see that franchise finally have a solid foundation of talent in both the majors and minor leagues. Hopefully they can remain financially stable as well to keep that team competitive for the long run.