Major League Baseball

Two finalists emerge to purchase Rangers

Published Dec. 3, 2009 10:32 p.m. ET

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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.

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