Over the past few weeks it has been reported that Tom Hicks is looking to sell his majority stake in the Texas Rangers. He has hired a search firm to find potential buyers.
In late March, Hicks said he was actively trying to sell off the Rangers to help reduce the debt his holdign company had accumulated. In early April, Hicks Sports Group defaulted on over $500 million in loans related to the Rangers (and Dallas Stars).
According to Forbes, the Rangers are worth $405 million. Hicks bought the team in 1998 for about $250 million.
Now it looks like Nolan Ryan, who has been in the Rangers front office as the clubs president, is looking to head an owenership group. Ryan mentioned to reporters yesterday that he has not done any serious research into the matter but he did said it isn’t something he is ready to rule out.
Note: Ironically, the Rangers turn around has not so much been attributed to pitching. They are currently 19th in the league in team ERA.
Hicks open to selling control of Rangers [MLB.com]
