Texas Rangers SOLD!

The sale price of the Texas Rangers was about $570 million, several sources tell SI.com.
The buying group led by Chuck Greenberg and Nolan Ryan outbid former superagent Dennis Gilbert’s group, which is thought to have been at about $525 million. Most previous estimates put the winning sale price around $500 million, or just slightly above that figure.
The $570 million represents a major score for Tom Hicks, who had to sell the team due to financial difficulties and leverage issues. Hicks bought the Rangers for $250 million in 1998, so he has a steep tax bill coming.
The biggest shareholders of the new team will be Dallas oil man Ray Davis plus Bob and Janice Simpson of Ft. Worth. But Greenberg and Ryan will run the team. Greenberg, a sports attorney from Pittsburgh, will run the business side of things while Ryan will remain president on the baseball operations side once they are approved as the new owners.
Hicks remains the owner until the sale is approved by MLB

Source: Jon Heyman


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