Texas Rangers Baseball Club

Texas Rangers Baseball Club

Roles
Financial Advisor
  • Managed an auction process
  • Negotiations with bidders yielded higher bids
  • Auction yielded incremental proceeds to the bank

The client was the $160MM equity holding company for the Texas Rangers Baseball Partners (TRBP). Owner Tom Hicks filed a pre-packaged bankruptcy to sell the team, but the banks denied it due to the price, so the team’s parent company’s bank mandated an involuntary bankruptcy. CR3 Partners professionals served as CRO and financial advisors. As CRO, $75MM+ was negotiated out prior to the auction and assisted in getting Mark Cuban qualified to bid in the auction. The final price in the auction ultimately yielded nearly $100MM more in proceeds to the bank group, incremental to the original prior pursued offer.

The Situation

  • $160MM equity holding company for Texas Rangers Baseball Partners (TRBP)
  • Owner Tom Hicks filed a pre-packaged bankruptcy to sell the Texas Rangers baseball team to a group led by Chuck Greenberg and Nolan Ryan
  • Banks had to approve the transfer and denied it due to the price; the pre-packaged plan was an attempt to force the bank’s hands - banks put the parent of the team into an involuntary bankruptcy

The Work

  • CR3 Partners professional was appointed as CRO by the court to vote the stock of the team; CR3 Partners team chosen as the financial advisors to CRO
  • Original pre-packaged plan was derailed and subsequently a competitive auction process was approved by the court
  • CRO negotiated out $75MM+ of items that were being paid to Tom Hicks out of the Greenberg\Ryan bid prior to the auction
  • CRO assisted in getting Mark Cuban qualified to bid in the auction

The Results

  • CRO succeeded in managing a challenging auction process
  • Extensive negotiations with bidders yielded significantly higher bids that were previously submitted
  • Final price in the auction ultimately yielded nearly $100MM more in proceeds to the bank group, incremental to the original offer being pursued prior to CR3 involvement

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