Ryan Wins Texas Rangers Auction

Hall of Fame pitcher Ryan wins the bid for the Texas Rangers.
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NEW YORK (

TheStreet

) -- Nolan Ryan won the bankruptcy auction for the Texas Rangers with a winning bid worth more than $608 million.

Ryan and his attorney, Chuck Greenberg, out-bid the Dallas Mavericks owner Mark Cuban and his partner James Crane. The Rangers filed for Chapter 11 in May, but angry creditors stalled any sale of the team until now.

Mark Cuban, left, was out-bid by Nolan Ryan in the auction for the Texas Rangers baseball team on Wednesday in Fort Worth, Tex.

The last time a baseball team was acquired through a bankruptcy auction occurred in 1993 when Peter Angelos acquired the Baltimore Orioles for $173 million.

Hall of Fame pitcher Ryan, also known as "The Express," will now go from being the president of the team to part owner.

-- Reported by Theresa McCabe in Boston.

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