The Texas Rangers may be off the auction block, at least for now, after the baseball team withdrew its request to allow rival bidders to challenge a $575 million offer from a group of investors that include Hall of Fame pitcher Nolan Ryan.

The request was withdrawn after a chief restructuring officer appointed to represent the team’s owners said he no longer supports holding an auction. Attorneys representing the team, a group of disgruntled lenders, Ryan’s group and another potential bidder gathered Friday in Judge D. Michael Lynn’s chambers at the U.S. Bankruptcy Court in Fort Worth, Texas, to discuss the Rangers sale. No ruling was issued.

The auction was slated to be held July 16.

In court papers filed Thursday, Chief Restructuring Officer William Snyder said that at first he supported the auction but “changes in facts and circumstances” caused him to reassess.

“A sale process still is in the best interests” of the team and its owners, Snyder said. “However, on terms other than those” proposed by the team.

Dallas businessman Tom Hicks’s HSG Sports Group LLC owns the Rangers.

Lynn appointed Snyder to manage the team’s bankruptcy affairs. Snyder was tapped after HSG’s lenders complained that a side deal Hicks has to sell land near Rangers Ballpark to Ryan’s group created a conflict of interest.

The Rangers sought Chapter 11 protection in May to execute the sale to Ryan and attorney Chuck Greenberg. The team initially asked for the sale to be completed without holding an auction.

That drew the ire of the lenders, who repeatedly have asked that other bidders be allowed challenge the offer. The lenders said that others, including Houston businessman Jim Crane, are willing to pay more for the Rangers, which would provide the ownership more cash to repay loans in default.

An attorney representing Crane was in the courtroom Friday.

Under the Rangers’ proposed sale, the Ryan-Greenberg group would pay $304 million in cash and assume a host of liabilities, including $45 million owed to current and former players such as Alex Rodriguez and Michael Young.

Proceeds from the sale would go to pay Rangers creditors whose debts aren’t assumed by the new ownership. The rest would flow to Hicks’s company and presumably be available to its lenders.

Hicks, who bought the Rangers for $250 million in 1998, began to look for a buyer last year as the team suffered continued financial losses and his company defaulted on its loans.