A few weeks ago, Rangers and Stars owner Tom Hicks said that he was interested in selling a minority share of his baseball team. Writers and fans wondered aloud if this was perhaps a preemptive strike, portending a shift in ownership.
It turns out those skeptic fans and writers were absolutely right.
Hicks said he’s now interested in selling a majority share of the Rangers. He has hired a team of arbitrators, including former Goldman Sachs managing director Joe Ravitch, to find a suitor for the team, which will, in all likelihood, be a large group of investors.
The biggest question, or most intriguing at least, is who just might have the dough, in this economy, for such a venture.
Hicks has turned what was, only a few years ago, an albatross of a club into a bit of a gem, with a loaded farm system, a low payroll and no looming long term contracts.
Early speculation has team president Nolan Ryan as a bidder, though any activity would likely be through a large group, part of which would likely be Ryan’s friend, Houston entrepreneur Don Sanders.
Ryan said it’s still early, though he remained open on the subject. "I think here in the future we'll see where this goes,” Ryan said. “And if it's a possibility, I wouldn't rule it out."
The Hall of Famer is already a partner in two minor league clubs.
Mark Cuban’s name was tossed in the ring as well and, though it seemed fairly fitting (Cuban attempted to buy the Cubs last year), Cuban said that he has no interest.
Local auto-dealer David McDavid (whose jingles are more or less as famous in Dallas as the Galleria or the Sixth Floor Museum) has also expressed interest in a partnership, but only as a majority holder. Although he seemed hesitant initially, it seems that McDavid, 67, is an increasingly serious suitor.
Eddie Gaylord, son of media mogul Edward Gaylord, Sr., tried to buy the team from Eddie Chiles, before being blocked; George W. Bush’s group bought the team, instead. In this market though, Gaylord might have an opportunity to follow through on what seemed to be a thriving interest.
One thing seems to be certain, regardless of the potential buyer: Hicks isn’t going anywhere. The owner bought the team for $250 million in 1998; now, it is worth $405 million, and seemingly on the verge of winning.
"I want to be around to watch this team win,” Hicks said, “and I want to be involved."
