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Hicks Sells Rangers to a Lawyer

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Hicks Sells Rangers to a Lawyer

Postby StlSluggers » Sun Jan 24, 2010 2:51 am

A group headed by Pittsburgh attorney Chuck Greenberg, called Rangers Baseball Express, has a deal in place to purchase the Texas Rangers from owner Tom Hicks, Hicks Sports Group announced Saturday night.

Richard Durrett and the rest of the ESPNDallas.com team have the inside scoop on the Rangers, the American League and Major League Baseball. Blog.
A sale price was not announced, but a source said the price tag was under $570 million, which includes the team, the lease at Rangers Ballpark in Arlington and approximately 153 acres of real estate around the park. The real estate portion of the agreement was part of a separate transaction, which transfers most of the land controlled by Hicks around the ballpark and Cowboys Stadium to the Greenberg group.

Attorneys representing Greenberg's group, which includes Rangers president Nolan Ryan, and Hicks Sports Group needed more than a week after a 30-day exclusive negotiating window closed to hammer out the final details. The agreement does not go into effect until HSG's lenders, which hold the company's debt, and 75 percent of Major League Baseball owners approve it. That could take until March or even close to Opening Day.

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