Rangers say they prefer MLB financing plan during bankruptcy over lender’s plan

Rangers say they prefer MLB financing plan

FORT WORTH, Texas — Texas Rangers attorneys say they back plans for Major League Baseball to provide interim funding during the team’s bankruptcy case.

That’s despite a similar offer from some of the team’s lenders, who have criticized Monday’s bankruptcy filing. The Rangers said it was necessary to proceed with the stalled $575 million sale of the team.

The lender and MLB are offering a $21.5 million loan.

During a hearing Wednesday, Rangers chief financial officer Kellie Fischer testified that the team prefers the Major League Baseball offer because they have been successful partners in previous financial matters.

Unlike the lenders’ offer, MLB’s requires that the Rangers have a plan in place and the sale finalized by Sept. 15. The team wants it completed earlier than that.