Wheeler dealer: Tom Hicks has agreed to sell
Texas Rangers Photo: GETTY IMAGES
Following an extensive negotiating process, Hicks has an
agreement in place to sell the team to a group headed by Pittsburgh
attorney Chuck Greenberg and Rangers pitching legend Nolan Ryan for
a price that could exceed $500 million (£310m).
Agreement was reached late on Saturday night in Texas, and came
24 hours after an exclusive negotiating window had expired.
"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 deal must still be approved by Major League Baseball and the
banks that hold the debt on the Hicks Sports Group, and may not be
finalised until April.
It is not clear whether Hicks intends to use any of the proceeds
from the deal to aid Liverpool's troubled financial position.
Late last year, Hicks' fellow
Liverpool owner George
Gillett sold the Montreal Canadiens ice hockey team for a reported
Canadian $550 million (£323m), but has not invested that money in
the Premier League club.