Liverpool co-owner Tom Hicks has moved closer to selling the Texas
Rangers baseball franchise in a move that could free up funds for
the Reds.
Hicks found a number of interested bidders for the Rangers,
and late on Tuesday night selected a group led by Pittsburgh lawyer
Chuck Greenberg to enter exclusive negotiations.
Hicks now has 30 days to agree a deal with Greenberg before
submitting plans to MLB for approval. The banks that hold Hicks'
debt must also approve any sale.
The deal would see the Hicks family retain a small share of
the team. No price has been revealed, but it is estimated the
Rangers could fetch up to £300million.
"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 a statement that appeared on the
Rangers website.
"We understand that this is more than a transaction. You
never really own a baseball team; you just have the right to be the
trustee of a public institution."
Hicks has been working since last spring to sell the Rangers
due to the debts held by his Hicks Sports Group, which defaulted on
debts attached to the Rangers and Dallas Stars National Hockey
League franchise back in May.
Hicks also has significant debts attributed to his
co-ownership of Liverpool with George Gillett. Earlier this month,
Gillett completed a deal to sell the Montreal Canadiens NHL
franchise but is yet to invest any of the ££333million
that deal reaped into Liverpool.
The Anfield club's debts are estimated to stand at around
£240million, and manager Rafael Benitez last week suggested
they were hampering Liverpool's ability to compete.
Despite selling their other sporting interests, it is
reported that Hicks and Gillett are continuing to seek investors in
Liverpool.
