Rangers to be put to auction Wednesday

Sports Network

, Last Updated: 7:26 PM ET

Seattle) - The Texas Rangers will be formally put up for auction Wednesday morning at 8:30 am (ct) in U.S. Bankruptcy Court in Ft. Worth.

There are three known bidders and the winner will then have to be approved by Major League Baseball before officially taking ownership of the team.

Pittsburgh lawyer Chuck Greenberg is fronting a group, which includes Rangers president Nolan Ryan, that reached an agreement on January 23 to purchase the team and the land around the Ballpark in Arlington for $575 million from owner Tom Hicks.

The Rangers filed for bankruptcy in May but the lenders who hold the debt on Hicks Sports Group ultimately objected to the sale with the belief that the team could fetch more money.

The Greenburg group recently increased its offer, although it was rejected by U.S. Bankruptcy judge Michael Lynn, who ordered the auction process to proceed as scheduled.

Initial bids must be submitted by Tuesday night and be at least $15 million more than the Greenberg group's original bid.

Subsequent bids on Wednesday must be at least $2 million more than the highest bid offered on Tuesday.

The other two groups are lead by Houston businessman Jim Crane and Dallas Mavericks owner Mark Cuban. There has been some speculation that the two could combine forces to purchase the team together.

FOX News Corp. has also been rumored to be a suitor for the franchise.


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