While the sale of the Texas Rangers moved past its 30-day window this past Friday, lawyers for Hicks Sports Group and the group headed by Chuck Greenberg and Nolan Ryan have been working almost non-stop to complete the sale. According to a source close to the negotiations, the process is down to “dotting the “i”s and crossing the “t”s” with the sale being completed “very, very shortly.”
The prospect that a deal could be reached by the weekend continues to be the effort.
An aspect of the sale that has not been discussed involves Hicks’ retaining minority ownership and tax avoidance. If Hicks were to have sold the club outright, he would have had to pay capital gains tax in the tens of millions of dollars. In the recent $845 million sale of the Chicago Cubs from the Tribune Co. to the Ricketts family that has Tribune retaining a 5 percent ownership stake in the club, Tribune saved approx. $100 million in taxes. With Hicks staying on as a minority partner, he will avoid such taxes.