Edited by: TJVNews.com

More than a decade ago, the world of professional sports ownership witnessed an intense and dramatic bidding war for the Texas Rangers. According to an exclusive report in the New York Post, billionaire Mark Cuban, the owner of the Dallas Mavericks and a well-known figure from the TV show “Shark Tank,” appeared poised to claim victory. However, a surprising twist occurred in the 11th hour of the battle, resulting in the reclusive energy tycoon Ray Davis acquiring the 2023 World Series champions. Insiders have finally revealed the behind-the-scenes maneuvers that were instrumental in this outcome, and a secret deal with Fox Sports played a pivotal role, as was presented in the Post report.

In the summer of 2010, Mark Cuban had partnered with Houston shipping magnate Jim Crane to make a bid for the Texas Rangers. According to the Post report, they were considered the favorites to win the court auction. The turmoil for the franchise had begun in April 2009 when Tom Hicks’ Hicks Sports Group defaulted on its debt, leading to the Rangers filing for bankruptcy.

Amidst this financial crisis, Chuck Greenberg, who led the sports practice at the law firm Pepper Hamilton, orchestrated a group of 12 investors to make a bid for the Rangers. This group included Ray Davis and the team’s then-president, legendary pitcher Nolan Ryan. As was noted in the Post report, in May 2010, Greenberg’s consortium reached a $500 million prepackaged bankruptcy deal for the Rangers, which was further enhanced by an additional $75 million offer for the stadium parking lot, a sum that would have directly benefited Hicks.

However, Hicks Sports Group creditors rejected the deal, opting for an auction instead. They believed that an auction with Mark Cuban as a rumored bidder would fetch a higher price, considering his substantial net worth of $2.4 billion at the time, the Post reported. Jim Crane, who had lost his company EGL to Apollo Global Management in a hostile takeover three years earlier but pocketed over $300 million from the sale, also posed a formidable challenge.

During the summer of 2010, as talks heated up, Mark Cuban approached Chuck Greenberg, proposing that they join forces in the bidding process. As was indicated in the Post report, this proposition carried historical weight as Greenberg had previously tried to enlist Cuban in leading a bid for the Pittsburgh Penguins in 1999, a bid that ultimately went to Penguins legend Mario Lemieux with Greenberg’s assistance.

In an exclusive interview with The Post, Greenberg revealed that Cuban asked him to abandon his current partners and unite with him in the Rangers bidding war. Despite the enticing offer, Greenberg remained loyal to his agreement with Ray Davis, who had proven to be a reliable and committed partner throughout their venture, the report added.

Mark Cuban, on the other hand, claimed not to remember the details of his conversations with Greenberg about the Rangers. This wasn’t Cuban’s first foray into baseball ownership. The Wall Street Journal reported that he had previously explored deals to buy the Rangers but walked away due to concerns about taking on the team’s liabilities, as was mentioned in the Post report. Additionally, he had made an aggressive but unsuccessful bid to acquire the Chicago Cubs in the past.

Facing fierce competition from Cuban and Crane, Greenberg embarked on a quest to secure additional financial backing. This search led him to an unexpected ally: Fox Sports. The Post report said that Greenberg managed to negotiate a 20-year extension with Fox Sports, which had been the local broadcaster for Rangers games for several years.

The significance of the deal with Fox Sports became evident as Greenberg explained, “We worked out a deal because they didn’t want Mark Cuban.” Fox Sports had recently lost the rights to broadcast local games for the Houston Astros and the Houston Rockets, a development that had not yet been made public according to information in the Post report.  The fear was that if Cuban acquired the Rangers, he might create a regional sports network combining the Rangers with the Dallas Mavericks, potentially ousting Fox Sports from the Texas market.

The agreement between Greenberg’s group and Fox Sports included increasing payments for broadcasting Rangers games from $70 million a year to approximately $100 million a year, with several hundred million dollars paid upfront, the Post explained. This strategic move proved to be the difference-maker in the Rangers bidding war.

In August 2010, the auction took place in a U.S. Bankruptcy Court in Fort Worth. Greenberg’s group initially offered a comprehensive bankruptcy deal, which included cash and newly issued loans for creditors, as was stated in the Post report.  Cuban’s group, however, came out swinging, bidding aggressively to secure the franchise.

As the auction unfolded, Greenberg’s camp strategically held onto their resources, playing what Greenberg referred to as “possum” on the day of the auction, as was reported by the Post. Cuban appeared to be dominating the proceedings. However, the secret partnership with Fox Sports provided the financial strength needed to make a significant bid. In a surprising turn of events, Greenberg raised his bid to $593 million, outbidding Cuban by $15 million.

Cuban and Crane conceded, and Greenberg’s group emerged victorious. Creditors benefitted from the intense bidding war, gaining an additional $120 million in cash from the $593 million deal. The Post report indicated that just seven months later, Ray Davis assumed control of the Texas Rangers, leading the team to a historic World Series victory in 2023, marking a significant milestone in the franchise’s 63-year history.

While Chuck Greenberg sold his stake in the team less than a year after the acquisition and lost contact with Davis, Mark Cuban expressed his support for the new ownership. The report in the Post said that  he acknowledged the contributions of Greenberg and Davis, recognizing their role in bringing a World Series championship to the Rangers and offering them the credit they deserved.

This offer was rejected by Hicks Sports Group creditors, who believed that a public auction with Mark Cuban as a rumored bidder could fetch a higher price. The Post reported that Cuban’s substantial net worth of $2.4 billion at the time made him a formidable contender, and Crane’s background as a former star pitcher at the University of Central Missouri who loved baseball added to their strength.