Definitive agreement reached to sell Texas Rangers Transaction by grb15373

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									                Definitive agreement reached to sell Texas Rangers
     Transaction still needs approval by MLB, lenders and is subject to financing


(Dallas, TX, January 23, 2010) – Hicks Sports Group LLC announced today that it has
reached a definitive agreement to sell the Texas Rangers franchise to Rangers Baseball
Express LLC, an investment group headed by Pittsburgh attorney Chuck Greenberg and
Nolan Ryan, the legendary pitcher who now serves as president of Texas Rangers Baseball
Partners. The agreement represents completion of the second major step to sell the team.
It is still subject to approval by Major League Baseball and certain lending institutions, as
well as completion of financing.

“Together, we have worked exhaustively since last month to attain this agreement,” said
Tom Hicks whose family controls Hicks Sports Group. “It’s a complex business deal that
positions the franchise positively for the future.”

In a separate transaction, Ballpark Real Estate, L.P., an independent investment vehicle
controlled by Hicks, entered into an agreement to sell or transfer to the Greenberg-Ryan
group approximately 153 of the 195 acres around the Ballpark and Cowboys Stadium that is
owned or controlled by Ballpark Real Estate or the Hicks family. In return for the
transferred land, Ballpark Real Estate will receive cash, notes, and an ownership position in
the team.

Greenberg will serve as the Managing Partner and CEO of Rangers Baseball Express while
Ryan will continue in his role as President. Co-lead investments in Rangers Baseball Express
will be made by Ray Davis of Dallas and the family of Bob and Janice Simpson of Ft. Worth.
Ray Davis and Bob Simpson will serve as Co-Chairmen of the Board of Rangers Baseball
Express. Greenberg has asked Hicks to continue his association with the Club as Chairman
Emeritus.

“Nolan and I greatly appreciate Tom Hicks’ willingness to work beyond the deadline to
complete the deal and his support for passing the torch from the Hicks family to our group,”
said Greenberg. “His actions speak eloquently to his commitment to serve the best interests
of Rangers fans and the community.”

"We are fortunate to be assuming the stewardship of a franchise poised for greatness,”
Greenberg added. “The tremendous foundation of talent that has been assembled on both
the major and minor league levels, combined with our passionate commitment to achieve
excellence in every facet of the organization's operation, and the pent-up thirst for success
we observe from our fans every day, creates the opportunity for the Rangers to become one
of the great franchises in baseball.”

Hicks and Greenberg both expressed their appreciation for the efforts of MLB, particularly
the Commissioner of Baseball, Bud Selig, for facilitating this stage of the transaction.

Because the transaction is still subject to MLB approval and other matters, specific terms
were not announced. The deal could be completed by April.

“In the short-term,” said Hicks, “Chuck, Nolan and I will focus our attention not only on the
transaction but on making sure the Club operates in a business-as-usual manner. Pitchers
and catchers report in just 26 days.”
“The efforts of the last few years are evident in the very positive direction in which the
Rangers are heading,” said Ryan. “We look forward to continuing that work for the 2010
season and beyond. I am excited to have the opportunity to be a part of this organization as
we go forward.”

Bank of America Merrill Lynch, Raine Advisors and Perrella Weinberg Partners LP served as
financial advisors, and Weil, Gotshal & Manges LLP served as legal counsel, to Hicks Sports
Group. McGuire, Craddock & Strother, P.C. served as real estate counsel and Cousins
Properties Services LP served as a real estate consultant to Ballpark Real Estate.

For the buyers, Rangers Baseball Express, Evolution Media Capital and CAA Sports Media
Venture served as financial advisors, and Foley & Lardner LLP and Sherrard, German & Kelly,
P.C. served as legal counsel. Leib Advisors served as the tax and accounting advisors to the
buyer.


Editors note: No additional information or interviews will be available at this time.


Media Contacts:

Lisa LeMaster               Kevin Sullivan/Weber Shandwick             Rick Ericson
lisa@lemastergroup.com      sullivankf@gmail.com                       rick@lemastergroup.com
214-315-3222                703-343-5757                               214-679-6362

								
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