Cuban-Crane make highest bid for Rangers

Baseball Betting Lines

08/04/2010 - Fort Worth, TX (Sportsbook Betting Lines) - The group fronted by Dallas Mavericks owner Mark Cuban and Houston businessman Jim Crane have apparently made the highest initial bid to buy the Texas Rangers, according to the team's website.

The U.S. Bankruptcy Court in Fort Worth put up an auction for the team after the franchise filed for bankruptcy in May.

Pittsburgh lawyer Chuck Greenberg headed a group, which includes Rangers president Nolan Ryan, that reached an agreement on January 23 to purchase the team and the land around the Ballpark in Arlington for $575 million from owner Tom Hicks.

The Rangers filed for bankruptcy in May but the lenders who hold the debt on Hicks Sports Group ultimately objected to the sale with the belief that the team could fetch more money.

The Greenberg group recently increased its offer, although it was rejected by U.S. Bankruptcy judge Michael Lynn, who ordered the auction process to proceed as scheduled.

The Cuban-Crane bid, which is currently being reviewed by the Greenberg-Ryan group, is reportedly $25 million higher than Greenberg's offer.

The winner of the auction still has to be approved by Major League Baseball before officially taking ownership of the team.

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