The bidding war over the Texas Rangers heated up Wednesday as Hall of Fame pitcher Nolan Ryan's group offered $2 million more than Dallas Mavericks owner Mark Cuban's group. The Cuban immediately upped the ante by $15 million - to about $335 million in cash.
When the auction in bankruptcy court started this afternoon, a
Texas Rangers attorney said Cuban's group - which includes Houston
businessman Jim Crane - had the highest starting bid. The
Cuban-Crane bid was about $25 million more than the $520 million
bid - including $307 million in cash - submitted by a group led by
Ryan and sports attorney Chuck Greenberg.
About two hours later, the Greenberg-Ryan group's attorney,
Thomas Lauria, said his group was bidding $2 million more than the
cash portion, about $318 million, of the Cuban-Crane group's offer.
Then Clifton Jessup, a Cuban-Crane attorney, immediately stood
up and said his group was bidding another $15 million for a total
of about $335 million in cash - also raising that total bid to
about $560 million.
Lauria said the Greenberg-Ryan group needed time to review the
new high bid and get clarification on some issues. Bidding was
expected to resume later tonight, and U.S. Bankruptcy Judge Russell
Nelms has said he's willing to work through the night.