Rangers likely headed for auction

Got half a billion dollars? The Texas Rangers are expected to go on the auction block next week after an unexpected snag in the team's bankruptcy plans.
But don't call your banker just yet. Major League Baseball has
set some strict guidelines for potential bidders, including a $1.5
million deposit and an opening bid of more than $500 million.
A group led by Hall of Fame pitcher Nolan Ryan and Pittsburgh
attorney Chuck Greenberg is still an expected favorite to buy the
team. Angry team creditors say their bid shouldn't have been
accepted in the first place.
The bankruptcy judge still has to approve the July 16 auction.


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