Texas Rangers exit bankruptcy protection after Nolan Ryan wins auction to buy team

Texas Rangers exit bankruptcy protection

FORT WORTH, Texas — Yer’ out!

The Texas Rangers exited federal bankruptcy protection on Thursday, little more than 12 hours after Hall of Fame pitcher Nolan Ryan’s group bought the team at a marathon auction.

The Thursday afternoon ruling by U.S. Bankruptcy Judge Stacey Jernigan clears the way for Major League Baseball to formally approve Ryan and sports attorney Chuck Greenberg as the team’s new owners next week.

The court-appointed restructuring officer and creditors had opposed the bankruptcy plan since it was filed in May to push through the sale to the Greenberg-Ryan group. But on Thursday, they said they supported it because the auction resulted in a higher price for the Rangers.

Rangers attorneys say disputes with lenders and others had been resolved.