Monday, May 24, 2010

Texas Rangers File for Bankruptcy; Alex Rodriguez Owed $24.9 Million

The Rangers have listed $100-500 million in assets, and the same amount in liabilities, with 5000-10,000 creditors. The largest unsecured creditor is Alex Rodriguez, who is owed $24.9 million in deferred compensation.

Russ Baker writes:
...the team was long bankrupt--morally bankrupt. As I describe in Chapter 13 of my investigative book, Family of Secrets, the back story of George Bush's involvement with the team, and its antics in making money at the public's expense, is part of the larger tale of the corruption of America itself.

Baseball is touted as the great game for the masses, but it is a business, about connections, making money, getting other people to pay for it. And it is about obtaining public goodwill. Bush used his very small personal investment in the firm, and a hyped-up title of Managing Partner, to create the momentum that led shortly to his being elected governor of Texas and then president of the United States. He also rewarded Hicks, who made Bush rich through purchase of Bush's shares, by putting Hicks in charge of the vast investment funds of the University of Texas.

If we'd looked more carefully, when Bush was running for president, at how he made his money on the team, and how the larger ownership group made its money on public subsidies, we would have been forewarned about a presidential administration that would stop at nothing to enable their own circle to raid the public cookie jar.

UPDATE: The Texas Rangers press release on the bankruptcy and sale to Nolan Ryan is in the EPJ Vault, here. Sounds more like a "liquidity crisis", than insolvency.

Below is a copy of the bankruptcy court filing document.



  1. Another GW Bush company is in trouble. What are the odds?

  2. "Another GW Bush company is in trouble. What are the odds?"

    GW has had no part of the team since 1998 and no part of operations since 1995.

    Also, I'm not sure how shrewd investment planning and a nice return (as well as inflation) equals questionable activity on GW's part. I can understand being jealous of his incredible rate of return...but how many sports clubs build new stadiums WITHOUT public dollars? None that I can think of. Winning a couple division titles and having a higher payroll may have helped as well.

  3. How many businessmen use eminent domain to steal all the land around the ballpark, the way GW did?