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Texas files for BANKRUPTCY??


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Rangers Declare Bankruptcy

by Mike Krumboltz

Owning a baseball team isn't always a license to print money. Take the Texas Rangers, for example. Ten years after signing Alex Rodriguez to a then unheard of $252 million contract, the MLB franchise has filed for bankruptcy.

Now, it's probably not exactly fair to blame the team's financial failings on the current Yankees slugger. Still, USA Today explains that A-Rod is one of the team's largest unsecured creditors. He is currently owed nearly $25 million in compensation, six years after he was traded away.

So what does it mean to be an "unsecured creditor" at a time like this? Well, the New York Daily News explains that the bankruptcy could cost A-Rod $24,892,006.61 in deferred compensation. However, The Wall Street Journal writes that "the proposed $575 million sale would repay all the team

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