Greenberg-Ryan group finalist to buy Rangers from Hicks, who would become a minority owner

Greenberg-Ryan group finalist to buy Texas Rangers

ARLINGTON, Texas — Texas Rangers owner Tom Hicks will enter into an exclusive negotiation for the sale of the team to a group headed by Pittsburgh sports attorney Chuck Greenberg that includes team president Nolan Ryan.

Hicks Sports Group said in a release Tuesday night that Greenberg’s group “primarily consists of Dallas-Fort Worth investors,” including the family of Hicks, who would maintain a stake in the team under the proposal. Ryan would remain president of the team.

Greenberg’s group and Hicks will work over the next 30 days to complete the transaction. It then will be forwarded to the commissioner’s office and require approval by 75 percent or more of all owners.

“Our family has chosen to negotiate with the group we believe will be best to protect and ensure the long-term positive future of this franchise,” Hicks said in the release. “Nolan Ryan is the personification of the word trust; he and Chuck worked diligently and relentlessly to get to this point.”

The sale is expected to be for more than $500 million, but Greenberg and Hicks declined to discuss the specifics of the proposal.

“The deal isn’t done yet, but I am confident we can complete this soon and have the Rangers well-positioned for the future,” Greenberg said. “We are committed to stability, continuing to work the baseball plan that’s in place, and doing whatever is necessary to build upon the team’s tradition and bring home a World Series championship.”

Greenberg’s proposal was chosen over bids submitted by former agent Dennis Gilbert and Houston businessman Jim Crane, who just last week submitted a new one after Greenberg and Gilbert had emerged as finalists.

Forbes earlier this year valued the Rangers at $405 million, 15th among the 30 major league teams. Hicks bought the team for $250 million in 1998, from a group that included former President George W. Bush.

The San Diego Padres were sold for just over $500 million this year and the Cubs were bought in October for $845 million in a deal that also included Wrigley Field and 25 percent of Comcast Sportsnet.

Baseball commissioner Bud Selig had called Tuesday a “hard and fast deadline” for Hicks to submit a prospective buyer for the team.

Hicks Sports Group this year defaulted on $525 million in loans tied to the Rangers and the NHL’s Dallas Stars, which Hicks has owned since 1996. Hicks has said that was a deliberate move to force lenders to renegotiate terms of the deals.

The group of 40 lenders holding debt from Hicks Sports Group will have to approve the sale of the Rangers.

“I am most appreciative of the fans’ patience and support for the last year,” Hicks said. “I know it’s been difficult, but this new generation of ownership is 100 percent resolved to excellence and a superior fan experience for the long term.”

Earlier Tuesday at a holiday luncheon hosted by the team, Ryan said Greenberg was meeting with investment people to see how they could enhance their offer even as the deadline for Hicks’ decision was imminent.

Greenberg owns two minor league baseball teams, and recently sold a third. He previously represented buyers for two NHL teams, Pittsburgh in 1999 and Florida in 2001.

Gilbert is a special adviser for the Chicago White Sox who still runs his insurance company in California. He is a former minor league player who became successful in insurance, writing policies for some entertainers and athletes. When he was a sports agent, his clients included George Brett, Barry Bonds, Bobby Bonilla, Jose Canseco, Mike Piazza and Curt Schilling.

Crane in the past has tried to purchase the Houston Astros and the Cubs.

Hicks also had worked previously to put together a group of mainly local investors in an effort to maintain controlling ownership of the team.

“Tom and his family have owned the team for 11 years,” Ryan said in the release Tuesday night. “They are passionate about the game and the team. We will benefit from continuing to have Tom as a partner and have access to his business acumen and experience.”

In a conference call earlier Tuesday, Selig responded to questions about the Rangers by saying it was time to “move this process along.”

When Selig was asked if he would like Ryan involved in the Rangers, the commissioner said he didn’t want to get into that but did commend the Hall of Fame pitcher.

“Look, Nolan’s done a terrific job down there. You know, the Rangers have a terrific farm system. They’ve done their work properly,” Selig said. “So let’s just hope it can all work out and we move on and settle all this thing so the franchise really, really can move forward.”

In 2007, Hicks combined with former Montreal Canadiens owner George Gillett Jr. to buy the English soccer club Liverpool through a different entity.