Hicks sells Texas Rangers 25/01/2010 |
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Tom Hicks has sold his controlling stake in Major League Baseball side the Texas Rangers to the team’s legendary former pitcher Nolan Ryan and lawyer Chuck Greenberg.
Hicks Sports Group, which has majority-owned the Rangers since 1998, will reportedly pocket more than $500m once the deal is finalised. But it must first be approved by Major League Baseball and Hicks Sports Group's creditors.
MLB rules require that the agreement must be reviewed by its ownership committee and approved by 75 per cent of the 30 team owners.
"It's a complex business deal that positions the franchise positively for the future," Hicks, who also co-owns Liverpool Football Club, said in a statement.
Hall of Fame pitcher Ryan had a 27-year career with Texas, the New York Mets, California Angels and Houston Astros.
He was appointed Rangers club president in 2008 and will continue in that role. Greenberg is set to take over as managing general partner and chief executive.
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