Liverpool co-owner Tom Hicks today moved a step closer to selling his Major League Baseball franchise – in a move that could free up funds at Anfield.
Hicks found a number of interested bidders for the Texas Rangers, and late last night selected a group led by Pittsburgh lawyer Chuck Greenberg to enter exclusive negotiations.
Hicks now has 30 days to agree a deal with Greenberg before submitting plans to MLB for approval. The banks that hold Hicks’ debt must also approve.
The deal would see the Hicks family retain a small share of the team which could fetch up to £300m.
In a statement, Hicks said: “Our family has chosen to negotiate with the group we believe will be best to protect and ensure the long-term positive future of this franchise. We understand that this is more than a transaction. You never really own a baseball team; you just have the right to be the trustee of a public institution.”
Hicks has been working to sell the Rangers due to the debts held by his Hicks Sports Group, which defaulted on debts attached to the Rangers and Dallas Stars hockey back in May.
Earlier this month, Liverpool’s other co-owner George Gillett completed a deal to sell the Montreal Canadiens NHL franchise but is yet to invest any of the £333m into Liverpool.
Hicks found a number of interested bidders for the Texas Rangers, and late last night selected a group led by Pittsburgh lawyer Chuck Greenberg to enter exclusive negotiations.
Hicks now has 30 days to agree a deal with Greenberg before submitting plans to MLB for approval. The banks that hold Hicks’ debt must also approve.
The deal would see the Hicks family retain a small share of the team which could fetch up to £300m.
In a statement, Hicks said: “Our family has chosen to negotiate with the group we believe will be best to protect and ensure the long-term positive future of this franchise. We understand that this is more than a transaction. You never really own a baseball team; you just have the right to be the trustee of a public institution.”
Hicks has been working to sell the Rangers due to the debts held by his Hicks Sports Group, which defaulted on debts attached to the Rangers and Dallas Stars hockey back in May.
Earlier this month, Liverpool’s other co-owner George Gillett completed a deal to sell the Montreal Canadiens NHL franchise but is yet to invest any of the £333m into Liverpool.
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