Major League Baseball has stepped in to try to expedite the ownership transfer of the Texas Rangers from Hicks Sports Group to Rangers Baseball Express, according to a source familiar with the negotiations.
MLB has asked that the creditors vote later this week on whether to accept the current offer from Hicks Sports Group in terms of how the proceeds from the sale will be divided, the source said.
Sports Business Journal reported Monday that the creditors want $300 million from the sale and that the current proposal is for $270 million. The report also said the vote would take place Friday.
Chuck Greenberg, who would become general managing partner of the Rangers if the deal goes through, said Monday that he believes the transfer of ownership will take place the week of April 19.
A "no" vote from the creditors wouldn't necessarily kill the deal, but might force negotiations between Hicks Sports Group and those creditors to drag on. Greenberg's group finalized a deal with Hicks Sports Group to purchase the team in late January subject to approval by the 40 lenders of HSG and 75 percent of MLB owners.