I am pleased to update you on the status of the sale of the Texas Rangers Baseball Club to Rangers Baseball Express, the local investor group led by Chuck Greenberg and me.
In January, Chuck and I, along with a number of local business leaders, agreed to buy the Club. Today, we remain committed to putting together a team that will compete for championships year in and year out, to providing the ultimate ballpark experience, and to being an active and engaged community partner. You have our promise that we will do everything we can to attain these goals, and we want to get started as soon as possible.
As you may be aware, the completion of this sale has unfortunately been delayed due to resistance by a group of creditors. I am happy to share with you that Texas Rangers Baseball Partners, the Club's current owner, and Rangers Baseball Express have a plan to finally get this sale done.
With the support of Major League Baseball, we've chosen to implement the sale through a voluntary, "pre-packaged," court-supervised process under Chapter 11 of the U.S. Bankruptcy Code. This is the best way to complete the sale and smoothly transition to new ownership, which we expect will occur by mid-summer.
I want to assure all of our loyal fans that this process will not affect the day-to-day management of the team as we continue to compete for a playoff spot in 2010.
Ticket prices will not be affected and the Rangers will continue to offer the best added value through our many ticket programs. In addition, the Rangers will continue to operate within our existing budget to sign and acquire players.
We believe that the final outcome of this process will allow our new owners to realize a dream of making the Texas Rangers the best franchise in Major League Baseball, with the best ballpark experience for all our fans.
I thank you very much for your support and look forward to seeing you often at Rangers Ballpark in Arlington this season.