Hicks on verge of deal to sell Rangers

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.
