05/25/2010 // TiffNews10
Arlington, Texas (WiredPRNews.com) – The Texas Rangers have filed for bankruptcy protection. As reported by the Associated Press (AP), the professional baseball team filed for Chapter 11 Monday in a Fort Worth court in a purported effort to drive the clearance of its $575 million sale.
As noted in the report, unsecured creditors listed in the filing include, Alex Rodriguez, who is reportedly owed almost $25 million by the team and Kevin Millwood, who is owed $12.9 million.
Commissioner Bud Selig is quoted by the AP as stating of the plan, “This agreement assures an orderly process to expeditiously transfer Rangers ownership the Greenberg-Ryan group, and it protects the franchise’s baseball operations.” Selig is further quoted as stating it “serves the best interests of the team, its fans, MLB and all other parties involved.”
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