MLB Rules on Rangers Money

By ANGELA K. BROWN
|  Wednesday, May 26, 2010  |  Updated 5:15 PM CDT
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Rangers Filed for Chapter 11

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MLB to help rangers

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Rangers Filed for Chapter 11

The Texas Rangers filed for chapter 11 to help push through the sale of the team and keep creditors at bay.
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A judge has ruled that Major League Baseball will provide funding to keep the Texas Rangers afloat during bankruptcy proceedings.
That action came Wednesday, two days after the bankruptcy filing, raising the possibility that the team's stalled $575 million sale by owner Tom Hicks may happen this summer.

After the hearing, Hall of Fame pitcher and team president Nolan Ryan -- who leads a group that's the prospective buyer -- said he was pleased with the court's timetable. He said the Rangers want to participate in the non-waiver trading deadline July 31 and the amateur draft next month.

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