MLB owners approve sale of Texas Rangers - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

MLB owners approve sale of Texas Rangers

MINNEAPOLIS (AP) - Major League Baseball owners today approved the sale of the Texas Rangers to an investment group led by Hall of Fame pitcher Nolan Ryan and sports attorney Chuck Greenberg.

The sale was formally approved at the MLB quarterly owners meetings in Minneapolis.

Ryan will remain president of the AL West-leading team.

The group initially agreed to buy the team from Dallas businessman Tom Hicks in January. But a messy bankruptcy case ensued and Ryan and Greenberg ultimately had to win a bidding war with Dallas Mavericks owner Mark Cuban to secure the franchise.

Ryan and Greenberg beat out Cuban with a bid valued at $590 million.

Commissioner Bud Selig says the Greenberg-Ryan group had "demonstrated an unwavering commitment" to the Rangers.

Creditors will receive $75 million from the team in the bankruptcy plan, but the judge has said they can sue other entities of Hicks Sports Group, which defaulted on about $525 million in loans last year.

Hicks is co-owner of the Liverpool football club, which is for sale, but the London sports team is not part of Hicks Sports Group.

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