Despite the end of the exclusive negotiating period at midnight CST Friday, attorneys from Greenberg’s group and Hicks Sports Group have worked nearly around the clock to jump over any remaining hurdles. Sources said progress has been steady as the parties get closer to an agreement. Any agreement must be approved by HSG’s lenders and 75 percent of Major League Baseball owners.
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MLB has been behind Greenberg’s bid since negotiations began, so approval from them is not expected to be an issue. Greenberg, whose group includes Rangers president Nolan Ryan, entered into a 30-day exclusive negotiating window on Dec. 15. That expired Friday, and early Saturday, Greenberg issued a release saying progress had been made and that his group was committed to seeing the process through no matter how long it took.
Hicks Sports Group chose Greenberg as a finalist after receiving bids from investors led by Houston businessman Jim Crane and former sports agent Dennis Gilbert. Should Greenberg finalize the deal as expected, he would be the general managing partner overseeing a board of directors that would include Tom Hicks, who has the second-largest investment stake in the group. Ryan would remain in his role as club president and would set the direction of baseball operations.