Update 1/24 22:07: Jon Heyman of Sports Illustrated Tweets: i’m hearing the texas #rangers sale price is about $570 million for winning greenberg/ryan group, tho that is unconfirmed

1/23: The sale of the Texas Rangers Baseball Club from the Hicks Sports Group, headed by Tom Hicks, to the Rangers Baseball Express LLC, headed by Nolan Ryan and Chuck Greenberg was announced on Saturday.

According to T.R. Sullivan of MLB.com, the next step is to submit the agreement to Major League Baseball for review by the ownership committee and approval by 75 percent of club owners. The agreement must also be approved by the lending institutions that hold the debt on Hicks Sports Group. The approval is expected by Major League Baseball.

Hicks will remain a minority partner with the club, but Greenburg is expected to assume the role of managing general partner. Ryan will remain the club president.