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- Dubai 05:26 06:39 12:34 15:52 18:24 19:37
Hall of Fame pitcher Nolan Ryan is part of an investment group that has reached a definitive agreement to purchase the Texas Rangers, the team said on Saturday.
Hicks Sports Group will sell the team to Rangers Baseball Express, an investment group headed by Pittsburgh lawyer Chuck Greenberg and Rangers president Ryan, the club said.
"It's a complex business deal that positions the franchise positively for the future," said Tom Hicks, whose family controls Hicks Sports Group.
At least 75 per cent of Major League Baseball's 30 owners as well as HSG creditors must approve the sale.
Analysts have expected the club to bring $500 million (Dh1.83bn) to $550m.
In a separate transaction, the Hicks-controlled Ballpark Real Estate has agreed to sell or transfer roughly 153 of the 195 acres it owns surrounding the Rangers and Cowboys stadiums to the Greenberg-Ryan group. Ballpark Real Estate will receive cash, notes, and an ownership position in the team.
Hicks, who also owns the NHL's Dallas Stars and half of football club Liverpool, is selling the Rangers to satisfy creditors who in April declared his sports group in default on $525m of loans.
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