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December 15, 2009

Now that a bid has been selected ...

Though official word is pending, owner Tom Hicks has picked Chuck Greenberg for exclusive negotiations to buy the Texas Rangers. The group is made up of mostly local owners, including the Hicks family. Nolan Ryan, one of Greenberg's partners and investors, has said that Hicks will not have a say in baseball matters.

The transfer of ownership is not a quick process, even though the exclusive negotiating window is only 45 days. The Rangers and Stars are intertwined in many different aspects and will have to be separated as the sides move toward a final agreement.

The final agreement will need the approval of baseball's executive committee, its eight-man ownership committee, the NHL and the lenders who hold the $525 million debt of Hicks Sports Group has accrued. That figure has probably climbed $30 million or $40 million has Hicks continued to ignore $10 million quarterly interest payments.

The final step is approval of baseball's 30 franchise owners. Greenberg will need 75 percent of them (23-of-30) to OK the deal. Expect that one to be unanimous.

-- Jeff Wilson


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