We keep seeing just how bad the Great Recession has pummeled everyone every day. The news the Texas Rangers will be auctioned off on August 4th, is just one more example. 

Did you ever think you would live to see a professional sports team auctioned off to the highest bidder in bankruptcy court? Okay, we just had the NHL Phoenix Coyotes go through something similar, but there it was a voluntary bankruptcy and who in their right mind thinks hockey will ever work in the middle of the…desert!

The Texas Rangers are up for auction because the man who controls the business entities that owns them is having major financial problems. His name is Tom Hicks and he’s also losing/selling the Dallas Stars hockey team and Liverpool Football Club, a major team in England. With the Rangers, his hope was to put the team into bankruptcy to streamline the sales process to a group led by Nolan Ryan. His hope was misplaced.

The creditors have successfully swayed the bankruptcy judge with their argument that the “Ryan bid” is too small. They believe that others should be allowed to bid because it will increase the final sales price and put more money in their pockets. The judge has agreed and set the auction for August 4th. 

This is an important date. Why? The creditors were trying to pull a fast one. The Nolan Ryan investment group has loans set up, but they are only good till August 12, 2010. The creditors had asked for the auction to be set in September. This would have obviously resulted in the Ryan bid being terminated for all relevant purposes. A fast one indeed! The court saw through it and set a date that nobody is really happy with. In America, this is called justice!

Who will end up with the Texas Rangers? Your guess is as good as mine.