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Sources: Deal to finalize sale of Rangers expected soon


The group headed by prospective buyer Chuck Greenberg and Nolan Ryan is said to be making "consistent progress'' in talks to buy the Texas Rangers from longtime owner Tom Hicks and sources indicate an agreement is expected to be reached by Tuesday or Wednesday.

The deal is said by sources to be worth about $570 million.

Hicks is under pressure to complete the deal, as he is low on money and being pressured by banks and MLB to finalize things. MLB has, however, allowed him to keep talking beyond last Friday's original deadline to complete an agreement with Greenberg after their month-long negotiating window. Greenberg issued an optimistic statement shortly after the deadline passed, suggesting he felt a deal was very close to happening and talks should continue. MLB apparently agreed.

Greenberg's team also includes Ryan, the legendary pitcher who would get a stake in the team if the deal is completed, and sources indicate will also include Texas oilman Ray Davis, who has taken a very low-key profile so far but is believed to be the primary money behind the transaction. Davis isn't thought to have a major interest in running the team day-to-day though.

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Hicks has hoped to stay on in some capacity with the new ownership group, and Greenberg has offered him a spot on the board of directors and possible chance to attend owners meetings, which helped guive him the upper hand in his efforts to land the team. Houston businessman Jim Crane and former superagent Dennis Gilbert were the other finalists hoping to buy the team.