MLB

Two finalists emerge to purchase Rangers

Share This Story

   
 

ARLINGTON, Texas (AP)

Two groups have emerged as finalists to take over ownership of the Texas Rangers. The new owner could be revealed as early as next week's winter meetings. A person with direct knowledge of the situation confirmed several media reports that groups headed by Pittsburgh attorney Chuck Greenberg and former sports agent Dennis Gilbert are finalists. That person spoke Thursday on condition of anonymity because negotiations are still ongoing. Tom Hicks had been trying to put together a group of local investors for a bid that would enable him to keep controlling ownership of the team. He could also become involved in a lesser role of ownership with one of the other groups. Another group that submitted a proposal was headed by Houston businessman Jim Crane, who in the past had attempted to purchase the Houston Astros. The Fort Worth Star-Telegram reported that three bids of more than $500 million were made, attributing that to an unidentified source. The newspaper also reported that Major League Baseball imposed a Dec. 15 deadline for Hicks to accept a winning bid. 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. Hicks said last month, just days before the deadline for proposals, that he was attempting to put together his own group, one that would include Hall of Fame quarterback Roger Staubach. Nolan Ryan, the Hall of Fame pitcher who has been the team's president the past two seasons, could be involved in ownership. The Star-Telegram and Dallas Morning News both reported that Greenberg acknowledged that Ryan is one of his partners in the ownership bid. It is unclear what Ryan's future with the team would be if Gilbert's group takes over the Rangers. 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. In 2007, Hicks combined with former Montreal Canadiens owner George Gillett Jr. to buy the English soccer club Liverpool through a different entity. New ownership of the Rangers would have to be approved by Major League Baseball, the National Hockey League and a group of 40 lenders holding debt from Hicks Sports Group. 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. 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.
Tagged: Rangers

Related Stories



MLB Videos

Bautista talks Derek Jeter's final All-Star Game Posted: Jul 16, 2014
Jose Bautista discusses Derek Jeter's career and his final appearance in the MLB...

Jeter honored to play in last All-Star Game Posted: Jul 16, 2014
Derek Jeter compares his first All-Star Game experience with his last, Mike Trou...

Matheny defends Wainwright: He's out there to compete Posted: Jul 16, 2014
Mike Matheny comments on the media's reaction to Adam Wainwright's joke about le...

SimLeague Baseball - Simulation Baseball Game

Fox Sports Store

    itemName itemURL imageSrc price itemDescription
    Nike New York Yankees Practice T-Shirt - Ash http://shop.foxsports.com/FOX_New_York_Yankees/browse/featuredproduct/606363/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_606000/ff_606363_xl.jpg&w=100 27.95 Nike New York Yankees Practice T-Shirt - Ash
    Majestic Detroit Tigers 2012 MLB American League Champions Clubhouse Locker Room T-Shirt - Navy Blue http://shop.foxsports.com/FOX_Detroit_Tigers/browse/featuredproduct/1064043/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_1064000/ff_1064043_xl.jpg&w=100 24.95 Majestic Detroit Tigers 2012 MLB American League Champions Clubhouse Locker Room..
    Majestic San Francisco Giants 2012 MLB World Series Champions Clubhouse Locker Room T-Shirt - Gray http://shop.foxsports.com/FOX_San_Francisco_Giants/browse/featuredproduct/1067359/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_1067000/ff_1067359_xl.jpg&w=100 24.95 Majestic San Francisco Giants 2012 MLB World Series Champions Clubhouse Locker R..
    Majestic San Francisco Giants 2012 MLB World Series Champions Clubhouse Locker Room Pullover Hoodie - Steel http://shop.foxsports.com/FOX_San_Francisco_Giants/browse/featuredproduct/1067382/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_1067000/ff_1067382_xl.jpg&w=100 54.95 Majestic San Francisco Giants 2012 MLB World Series Champions Clubhouse Locker R..
    New Era San Francisco Giants 2012 MLB World Series Champions Clubhouse Locker Room 39THIRTY Flex Hat - Charcoal/Black http://shop.foxsports.com/FOX_San_Francisco_Giants/browse/featuredproduct/1067785/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_1067000/ff_1067785_xl.jpg&w=100 31.95 New Era San Francisco Giants 2012 MLB World Series Champions Clubhouse Locker Ro..
    Majestic San Francisco Giants 2012 MLB World Series Champions Glory T-Shirt - Black http://shop.foxsports.com/FOX_San_Francisco_Giants/browse/featuredproduct/1068294/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_1068000/ff_1068294_xl.jpg&w=100 21.95 Majestic San Francisco Giants 2012 MLB World Series Champions Glory T-Shirt - Bl..
    Majestic San Francisco Giants 2012 MLB World Series Champions Batting Practice Performance Jersey - Black/Orange http://shop.foxsports.com/FOX_San_Francisco_Giants/browse/featuredproduct/1068787/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_1068000/ff_1068787_xl.jpg&w=100 94.95 Majestic San Francisco Giants 2012 MLB World Series Champions Batting Practice P..