Foley represented Rangers Baseball Express LLC, the investment group led by Pittsburgh attorney Chuck Greenberg and Hall of Fame pitcher and Texas Rangers President Nolan Ryan, in its acquisition of the Texas Rangers, a long and complex transaction that culminated in the sale of the Rangers through a Chapter 11 bankruptcy auction on August 4.
Initially, Foley represented Rangers Baseball Express in the competitive bidding process for the Rangers and the real estate surrounding Rangers Ballpark in Arlington in January of this year. Foley’s representation continued as the transaction was challenged by creditors of the holding company of the Texas Rangers and the club was eventually voluntarily placed into bankruptcy.
In the court-ordered bankruptcy auction, Rangers Baseball Express outbid an investment group led by Dallas Mavericks owner Mark Cuban and Houston businessman Jim Crane in a $590 million deal to become the club’s sixth owner. Major League Baseball owners unanimously approved the deal and the new ownership group on August 12.
The Foley team was led by partners Mary K. Braza, Irwin Raij, Kevin Schulz and Pat Quick, all of whom are members of the firm’s nationally ranked Sports Industry Team. Overall, Foley attorneys from eight different offices and 21 different practice groups assisted on the transaction, demonstrating both the breadth and depth of Foley’s practice.
The Rangers transaction follows on the heels of Foley’s successful representation of the Ricketts Family in its historic $845 million acquisition of a controlling interest in the Chicago Cubs, Wrigley Field and a related ownership stake in regional cable TV network Comcast SportsNet Chicago. The Cubs transaction marks the single largest transaction ever for a North American sports franchise.
Foley & Lardner LLP continually evolves to meet the changing legal needs of our clients. In a recent survey of Fortune 1000 corporate counsel*, Foley ranked first for superior client service and value. We also were named to the InformationWeek 500 list for four consecutive years for our client-focused technology. With nearly 1,000 attorneys in 21 offices and more than 60 practices, Foley strives to provide high-caliber business and legal insight. Our team-based approach, proprietary client service technology, and practice depth enhance client relationships while seeing clients through their most complex legal challenges.
*The BTI Consulting Group (Wellesley, Massachusetts)