Agreement reached for sale of Rangers to Greenberg-Ryan group

Agreement reached for sale of Rangers to Greenberg-Ryan group

Credit: AP

Texas Rangers president Nolan Ryan speaks at a media availability,Tuesday, Oct, 6, 2009. Texas. Ryan doesn't expect the team owner's effort to sell at least part of the baseball team to have any adverse effect on offseason plans. (AP Photo/Donna McWilliam)

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by JOSH HARVEY / WFAA.com Sports

wfaa.com

Posted on January 23, 2010 at 9:44 PM

Updated Saturday, Jan 23 at 11:27 PM

Pittsburgh attorney Chuck Greenberg and former Ranger Nolan Ryan will sleep well tonight. This after the Hicks Sports Group agreed on Saturday night to sell the Texas Rangers, the lease at the Rangers Ballpark in Arlington, and approximately 153 acres of real estate around the park. According to multiple reports, the deal is over $500 million. It is still subject to approval by Major League Baseball and certain lending institutions, as well as completion of financing.

“Together, we have worked exhaustively since last month to attain this agreement,” said Tom Hicks, whose family controls Hicks Sports Group. “It’s a complex business deal that positions the franchise positively for the future.”

Saturday night's  deal was reached seven days after the initial 30-day exclusive negotiating window was closed. The two sides were reportedly close, but could not hammer out the final details.

“Nolan and I greatly appreciate Tom Hicks’ willingness to work beyond the deadline to complete the deal and his support for passing the torch from the Hicks family to our group,” stated Greenberg in a statement. “His actions speak eloquently to his commitment to serve the best interests of Rangers fans and the community.”

"We are fortunate to be assuming the stewardship of a franchise poised for greatness,” Greenberg said. “The tremendous foundation of talent that has been assembled on both the major and minor league levels, combined with our passionate commitment to achieve excellence in every facet of the organization's operation, and the pent-up thirst for success we observe from our fans every day, creates the opportunity for the Rangers to become one of the great franchises in baseball.”

Because the transaction is still subject to MLB approval and other matters, specific terms were not announced. The deal could be completed by April.

“In the short-term,” said Hicks, “Chuck, Nolan and I will focus our attention not only on the transaction but on making sure the Club operates in a business-as-usual manner. Pitchers and catchers report in just 26 days.”

“The efforts of the last few years are evident in the very positive direction in which the Rangers are heading,” said Ryan. “We look forward to continuing that work for the 2010 season and beyond. I am excited to have the opportunity to be a part of this organization as we go forward.”

The Associated Press contributed to this report

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