HICKS AGREES TO SELL RANGERS TO NOLAN RYAN GROUP
WRITTEN BY STEPHEN HAWKINS, AP SPORTS WRITER
SUNDAY, 24 JANUARY 2010 01:14
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The sides announced Saturday night that they had finally reached an agreement, eight days after a 30-day exclusive negotiating window expired. The group is headed by Pittsburgh sports attorney Chuck Greenberg. |
"Together, we have worked exhaustively since last month to attain this agreement," Hicks said in a statement. "It's a complex business deal that positions the franchise positively for the future."
The purchase price is expected to be more than $500 million.
The next step is the deal has to be reviewed by baseball's executive and ownership committees. Then at least 75 percent of baseball owners would have to approve the transfer of ownership from Hicks to Greenberg's group.
A group of 40 lenders holding debt from Hicks Sports Group also has to approve.