Texas Rangers Declare Bankruptcy, Set to Sell Team

ARLINGTON, Texas -- The Texas Rangers say the club's sale will be accomplished by midsummer through a voluntary bankruptcy plan that will fully pay the lenders of Tom Hicks' financially strapped ownership group.

The club said Monday the plan was previously negotiated between Hicks and the new ownership group led by Pittsburgh attorney Chuck Greenberg and team president Nolan Ryan.

The deal valued at $575 million includes Rangers Ballpark in Arlington and land around the stadium.

Commissioner Bud Selig said the agreement "serves the best interests of the team, its fans, MLB and all other parties involved."