The Texas Rangers officially exited Chapter 11 bankruptcy last Thursday after former Ranger and Hall of Fame pitcher Nolan Ryan won the auction to purchase the team.

The team’s auction lasted for eight hours between Ryan and Dallas Mavericks owner Mark Cuban.  The winning bid was $590 million.  U.S. Bankruptcy Judge Stacey Jernigan approved the sale and exit from bankruptcy later in the day Thursday.  The MLB also approved Ryan and sports attorney Chuck Greenburg as owners this week.

In reference to the new owners, former owner Tom Hicks stated, “You have to admire their endurance, dedication and commitment over the last 15 months to get this transaction complete”.

If you or someone you know is considering filing for Chapter 11 bankruptcy protection, contact the New Orleans Chapter 11 bankruptcy lawyers of The Law Offices of the Law Office of David D. Kervin, Jr., LLC at 504-599-5906 to learn more about your rights.