Texas Rangers bankruptcy ends with team in the black
After a lengthy and contentious bankruptcy case that ended with the team getting new owners, the Texas Rangers came out of Chapter 11 protection as a profitable club.
The team made a $3 million monthly profit in July after 17 home games helped it rake in $111 million in revenues.
According to a report from the Wall Street Journal, the organization lost $11.9 million last season, but saw a 40 percent jump in ticket sales from June to July because it is a winning team for the first time in years, and currently leads the American League West by a healthy margin. The team lost $4.8 million in June.
The report said that the team made $6 million on interest payments in July and never used any of the $21.5 million bankruptcy loan it got from Major League Baseball.
The Rangers were sold to an ownership group led by team president Nolan Ryan and businessman Chuck Greenberg for $593 million at a bankruptcy auction in mid-August. The team had been under Chapter 11 protection since May 2009.
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