By Ben Rooney, staff reporterJuly 12, 2010: 7:03 PM ET
NEW YORK (CNNMoney.com) -- A group of investors led by baseball great Nolan Ryan and sports mogul Chuck Greenberg is suing the Texas Rangers for breaching an agreement to sell the team, court documents showed Monday.
The Greenberg-Ryan group, as the investors are known, announced plans in May to buy the Rangers in a bankruptcy sale valued at $575 million.
But the civil complaint filed in a Texas bankruptcy court claims that William Snyder, the court-appointed chief restructuring officer (CRO), has been soliciting new bids in violation of an Asset Purchase Agreement and is attempting to "hijack" the deal.
"The CRO was never provided with any authority to take over this Bankruptcy Case by, inter alia, soliciting new bids, modifying agreed-to bidding procedures or taking any of the actions he is now threatening to take in an attempt to hijack the proceedings," according to the documents.
The complaint says that Ryan and Greenberg engaged in "protracted" negotiations to buy the team and even raised their bid by $10 million at one point to sweeten the deal. The group wants a judge to order the Rangers to stop soliciting bids and abide by the contract.
Hicks your an twit...look at the mess you have made!
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