FORT WORTH, Texas -- In a courtroom drama that lasted nearly 15 hours, Pittsburgh attorney Chuck Greenberg and Hall of Famer Nolan Ryan fended off a rival bid from Mark Cuban and emerged victorious in a bankruptcy court auction, winning the right to purchase the Texas Rangers with a $385 million cash bid  The two sides bickered and bid for the right to purchase the team from Wednesday morning until well past midnight in Texas, until the final bid from Greenberg, submitted at about 12:25 a.m. CT, was not answered. Houston businessman Jim Crane, who partnered with the Dallas Mavericks owner on his bid, shook Ryan's hand and told the current Rangers president they were done bidding, ending a contentious and dramatic battle.  "I'm too tired to be happy," Greenberg said afterward outside of court. "There were so many times we thought we had it. I think I've become temporarily, physiologically, too tired to be elated."  INSIDE THE CELEBRATION: Chuck Greenberg pops the bubbly after a long day (and night, and morning)  It was a costly battle, too. Including assumed debt, the price tag for Greenberg's group will be $593 million, he said, as they first pay off creditors assembled in the wake of current Rangers owner Tom Hicks' bankruptcy filing. But the night clearly was a victory for not only the Greenberg-Ryan contingent, but also Rangers fans hoping that Ryan, a Hall of Famer and Texas icon, would remain a relevant voice in the organization going forward. As the bidding intensified, the Rangers rallied to defeat the Mariners in Seattle, pushing their surprise lead in the American League West to a season-high nine games.  And it was a victory, presumably, for Major League Baseball, which rebuffed Cuban's efforts to purchase the Chicago Cubs and likely would have heavily scrutinized his bid to buy the Rangers. Earlier this week, the Securities and Exchange Commission appealed a lower court's decision to throw out insider trader charges against the Dallas Mavericks owner.  "I'm disappointed, but we accomplished what we wanted to accomplish," said Cuban, who said he would have kept Ryan on in his new regime. Later, he tweeted his well-wishes, saying, "Congrats Chuck and Nolan. Go Rangers!"  UPDATE, 1:30 a.m.: Greenberg does not blink. He submits a $385 million cash bid, which has a higher present value than Cuban's previous bid of $390 million because he can close the transaction next week. Cuban and partner Jim Crane still need MLB approval and likely wouldn't close for another six months. Cuban's people are huddling and are expected to respond within 10 minutes.  UPDATE, 1:09 a.m.: And we have yet another lead change. Mark Cuban has taken the biggest leap of the night, upping his bid to $390 million, $25 million over Chuck Greenberg's most recent bid. Including assumed debt, Cuban's total bid is exceeding the $600 million mark. Greenberg is expected to respond shortly. And by shortly, we mean 10 to 20 minutes. That's been a relative term in a certain courtroom for the past 15 hours.  UPDATE, 12:40 a.m. ET: The Greenberg-Ryan group has increased its bid to $365 million, pulling ahead of the Cuban-Crane consortium, which last went to $355 million. Judge Russell Nelms has called for a 15-minute recess. The total value of the Greenberg-Ryan offer is about $585 million compared to $563 million for the opposition.  UPDATE, 11:38 p.m. ET: After reconvening, Nelms accepts the Greenberg group's request for an additional 30-minute break.  UPDATE, 11 p.m. ET: Lauria, Greenberg's attorney, is vigorously defending his group's bid, telling the chief restructuring officer in court during a recess: "Our money is worth more than (Cuban's) money because you get it now." This is the gist of the difference between the bids -- the ease of Greenberg's approval vs. the bushel of cash Cuban and Crane are willing to offer.  UPDATE, 10:31 p.m. ET: Mark Cuban has made a $355 million bid for the Rangers, way up from his $335 million bid. The process is now unfolding as one might have imagined when Cuban joined forces with Houston businessman Jim Crane: They are testing the resolve and resources of Greenberg's group with their deep pockets.  There will now be a 30-minute break.  UPDATE, 10:24 p.m. ET: An attorney for Cuban's camp, Clifton Jessup, now has the floor and has told the court: "My client wants to own this club. We're here to put money on the table. We're here today to make a bid.''  UPDATE, 10:07 p.m. ET: After admonishing both sides for the lengthy delays, Judge Russell Nelms announced that both sides' bids are considered neck-and-neck. He then ordered a two-minute break and said any further recesses will be limited to 30 minutes. The Cuban group is now up to make a bid. Greenberg is upset, stating that they submitted a $323 million cash bid that should have trumped Cuban's bid. Greenberg claims the worth of Cuban's bid was only $287 million, and that they would need to increase their bid by $40 million to trump the Greenberg group's bid. While Nelms is seeking a resolution with some dispatch, Greenberg attorney Tom Lauria, citing what he perceives is an unfair process, states, "We are not prepared to continue."  UPDATE, 9:47 p.m. ET: Hearing now scheduled for 10 p.m. New round of bidding expected then. We swear.  UPDATE, 8:50 p.m. ET: The price for Cuban's group just went up a few bucks -- they sprang for pizza delivery at the courthouse. Nobody said justice was swift, cheap or gastrointestinally friendly. Multiple eyewitnesses indicated the pizza came from Perotti's of Fort Worth.  UPDATE, 8:13 p.m. ET: The principals have reconvened in the courtroom -- late, as usual -- and we are expecting further bidding to commence shortly.  UPDATE, 6:43 p.m. ET: The auction has begun, fast and furious. The Greenberg group bid $320 million, $2 million over Cuban's total. Cuban's group has countered at $335 million. Groups to reconvene at 7:15 p.m. ET. We will continue to update as the process continues.  It should be noted that the auction numbers thrown out do not account for assumed debt owed to creditors. So the actual purchase price right now has soared to almost $550 million.  FORT WORTH, Texas -- Dallas Mavericks owner Mark Cuban and Houston businessman Jim Crane submitted the highest bid for the Texas Rangers, it was revealed today in bankruptcy court, a result that provoked cries of foul play from the competing group and led to angry exchanges in the courtroom halls.  The bid from Cuban's group exceeded by $25 million the bid submitted by the longtime front-runners, a group headed by Pittsburgh businessman Chuck Greenberg, who counts current Rangers president and Hall of Famer Nolan Ryan in his potential ownership group. Greenberg's group bid $306 million in cash, part of a $510 million bid that includes assumed liabilities.  The matter will now proceed to auction, and the parties involved are scheduled to re-convene around 5:30 p.m. ET. It is highly expected that Greenberg's group will seek more time to properly evalute Cuban's bid. Greenberg's group must exceed by at least $2 million the bid submitted by the Cuban-Crane group to stay in the running for the team.  Greenberg's group immediately objected, saying the bid presented "was not a qualifying bid" and that they do not necessarily regard it as higher. One of Greenberg's attorneys, Tom Lauria, said he will need 12 hours to evaluate their bid before the proceeding continues to auction. Lauria said in court that they "do not believe in any fair view their bid can be better on a heads-up basis."  Outside of court, Greenberg said that if his group does not win the bidding, "absolutely we will appeal. There were rules that were established, and they seem to be a moving target. Let me know what the rules are before we start.  "They submitted an unqualified bid last night. There had to be a qualified bid at 8 p.m. The bids were due 18 hours ago. We still have not seen their bid."  After the hearing, Lauria had an angry exchange with Lou Strubeck, the counsel for the chief restructuring officer. Lauria told Strubeck: "You've been trying to shove it up my ... for the last half hour," which incited an even saltier exchange between the two.  The Rangers have been in bankruptcy for more than a year. Major League Baseball has already cleared Greenberg's group, a process a Crane-Cuban team would have to endure, and Greenberg had brokered a deal with Rangers owner Tom Hicks to buy the team. But the club's many creditors objected and the matter has landed in U.S. Bankruptcy Court.  Greenberg said MLB's approval of Crane and Cuban could take months, which immediately devalues their bid.  There was a lengthy delay to courtroom proceedings today as the Cuban-Crane group revised its bid and the court assessed its true value.
It's all over: Chuck Greenberg, Nolan Ryan outlast Mark Cuban, win Texas Rangers auction - Daily Pitch: MLB News, Standings, Schedules & More - USATODAY.com