Major League Baseball

Hicks on verge of deal to sell Rangers

Published Jan. 16, 2010 12:44 p.m. ET

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Tom Hicks is close to a deal to sell the Texas Rangers baseball team, the prospective buyers announced early Saturday.

If the sale is completed, Hicks, who also co-owns Premier League club Liverpool, would be one of the biggest investors in the group of about a dozen buyers, but he would have only a minority stake in the team.

Hicks entered into an exclusive 30-day negotiation window on Dec. 15 with Pittsburgh sports attorney Chuck Greenberg's investment group that includes Nolan Ryan, the Rangers president the past two years.

Greenberg and Hall of Fame pitcher Ryan said in a statement as their exclusive negotiating period expired that "extraordinary progress" had been made over the last couple of weeks.

"We are on the verge of an agreement that would provide Tom Hicks the value he seeks and the Texas Rangers the resources to become champions," Greenberg and Ryan said.

It was unclear early Saturday if the exclusive negotiating period would be extended, or if Hicks would again consider other bids.

Hicks bought the team in 1998 for $250 million from a group that included former President George W. Bush and Forbes earlier last year valued the <Rangers at $405 million.

Hicks Sports Group defaulted early last year 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.

Hicks is also facing financial pressures with Liverpool, which is co-owns with fellow American George Gillett Jr.

The pair are looking for minority investors to inject 100 million pounds ($163 million) into the 18-time English champions, which has debts of 237 million pounds.

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