Times are tough all over as today the Texas Rangers entered bankruptcy. This move was done to expedite the sale of the team. Tom Hicks announced an agreement to sell the team to a group led by Hall of Fame pitcher and team president Nolan Ryan and Pittsburgh attorney Chuck Greenberg. 

Attorney Chuck Greenberg said that all creditors of the Texas Rangers will be paid 100 cents on the dollars.

The Rangers will pay the $75 million of the club's debt tied up by Hicks' financially strapped ownership group. This will free the team from any additional claims by creditors against Hicks Sports Group that have stalled the sale of the Rangers the past few months.

The Rangers currently look to be a contender this year and did this move to free the team to make team Baseball decisions as the Rangers try to make it to the Playoffs for the first time since 1999.