Liverpool co-owner Tom Hicks
is close to selling the Texas Rangers Major League Baseball franchise in a move
that could free up funds for his indebted Premier League club.
Hicks found a number of interested bidders for the
Rangers, and late last 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."