Last Thursday, the Texas Rangers officially exited Chapter 11 bankruptcy after a winning bid from former Ranger Nolan Ryan.  The winning bid was $590 million.

The auction of the team lasted for eight hours between the Hall of Fame pitcher Ryan and Dallas Mavericks owner Mark Cuban. The sale was approved by U.S. Bankruptcy Judge Stacey Jernigan later Thursday.  Major League Baseball officials later approved Ryan and sports attorney Chuck Greenberg as owners.

Former Rangers owner Tom Hicks stated in reference to the new owners, “You have to admire their endurance, dedication and commitment over the last 15 months to get this transaction complete”.

If you or someone you know is considering filing for Chapter 11 bankruptcy protection, contact the Galveston Chapter 11 bankruptcy lawyers of Gipson, Norman & Root at 281-332-4800 to learn more about your rights.