I may be a bitter Yankees fan but...
The Rangers management filed for bankruptcy to screw over past players, other teams and people who loaned them money. If they
(NO ONE WILL READ THIS)
Here is their balance sheet. Notice how it says it is unaudited... sketchy.
http://rangersblog.dallasnews.com/ar...ial-state.html
I'll go through it section by section.
Balance sheet:
Why is there such a change in cash from 2008 to 2009? Why do they have 7 million dollars in cash? If you look at the income statement, you will see that there are no investments (stock etc.)
Why is a player contract an asset? I would say that a contract is an intangible and so it should not be on here.
What unearned revenue could a baseball team have? It may be a media contract or perhaps advertising. It is very high for whatever it is.
The deferred compensation is salaries for players that they traded away. If they are awarded chapter 11 bankruptcy then they will not have to pay these players.
Long term debt is another thing that would disappear if they get chap. 11.
Income statement:
Operating expense is higher than it should be because they are amortizing player contracts.
They are paying almost 10 millions dollars a year in taxes, ouch.
They spent 234k on baseballs in 2009 ಠ_ಠ
edit: they haven't sold yet, they are filing for bankruptcy so that they have less debt and investors will be more interested in buying it
edit 2: This is what a financial statement should look like. http://deadspin.com/5619509/mlb-conf...attle-mariners
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Originally Posted by HoustonGM
