Tom Hicks agrees to sell Texas Rangers

The Liverpool football club co-owner has agreed to sell the MLB franchise for a price that could exceed US$500 million.

Liverpool co-owner Tom Hicks has finally agreed a deal to sell his Major League Baseball (MLB) team, the Texas Rangers. Following an extensive negotiating process, Hicks has an agreement in place to sell the team to a group headed by the Pittsburgh attorney Chuck Greenberg and the Rangers pitching legend Nolan Ryan for a price that could exceed US$500 million (Dh1.83 billion). The agreement was reached late on Saturday night in Texas, and came 24 hours after an exclusive negotiating window had expired. "Together, we have worked exhaustively since last month to attain this agreement," Hicks said in a statement. "It's a complex business deal that positions the franchise positively for the future." The deal must still be approved by the MLB and the banks that hold the debt on the Hicks Sports Group, and it may not be finalised until April. It is not clear whether Hicks intends to use any of the proceeds from the deal to aid Liverpool's troubled financial position. Late last year, Hicks' fellow Liverpool owner George Gillett sold the Montreal Canadiens ice hockey team for a reported Can$550m (Dh1.9bn), but has not invested that money in the Premier League club. * PA Sport