In case you wanted some sports law news unrelated to the Wizards’ problems with gun play, it turns out there was a major Washington connection to this weekend’s blockbuster sale of the Texas Rangers. Foley & Lardner partner Irwin Raij, who is based out of the firm’s D.C. and Miami offices, helped put together the $500 million deal for a group of investors, led by Hall of Fame pitcher Nolan Ryan and Pepper Hamilton partner Chuck Greenberg, to buy the baseball team and its stadium.
Raij, who represented Major League Baseball back when the Montreal Expos migrated south to become the Washington Nationals, was part of a team including several partners from his firm’s Milwaukee office.
Raij said he spent more than a week straight hammering out details of two contracts that were signed late on Saturday night. He called the process “intense.”
He said negotiations began in earnest on Jan. 1, after his clients won an exclusive, 30-day negotiating period on Dec. 15. Raij arrived in Dallas on Jan. 14, expecting a two-day trip. Instead, the negotiations process ballooned, and he and his team found themselves working 20-hour days to get the deal done.
“I don’t usually drink coffee, but I started,” he said.
Raij said the haggling was intensified because Major League Baseball was pushing for the sale to get done quickly. The club’s owner, Tom Hicks, had defaulted on some debt, and the league had been providing assistance to the team, Raij said.
Other lawyers on the deal included Foley partners Mary Braza, Patrick Quick and Kevin Schulz. With contracts signed, Raij said the next steps are to secure financing and close the sale. It will also require approval from the league’s ownership committees, and 75% of franchise owners.
“The goal is to close on the agreement by opening day,” Raij said.
For more coverage of the Rangers deal, see today's story from the AmLaw Daily.
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