A mediation hearing has been scheduled for July 16. Lynn ruled earlier this week that the sale of the Rangers from current owner Tom Hicks to Greenberg and Ryan can be blocked by creditors unless modifications are made in the sale agreement. The club is expected to submit a modified plan before the mediation hearing.The Greenberg-Ryan group reached an agreement on Jan. 23 to buy the franchise from Hicks for $575 million. The creditors who hold the debt on Hicks Sports Group have been blocking the sale by refusing to lift the liens on the team. The Rangers voluntarily entered into bankruptcy court with a plan last month to expedite the process in hopes of getting the sale completed by the Trade Deadline.
The Rangers are being financially assisted by Major League Baseball until the sale is completed. By moving the bankruptcy hearing back to July 22, it leaves nine days to get the sale completed before the Trade Deadline."If the hearing begins on the 22nd, even if it ended in one day, which is unlikely, we still wouldn't be able to close until well into the first week in August," Greenberg said. "And by that time, 29 other teams in baseball will have had an opportunity that this franchise will not have had."
T.R. Sullivan is a reporter for MLB.com. Chris Cox is an associate reporter for MLB.com. This story was not subject to the approval of Major League Baseball or its clubs.