Liverpool co-owner Tom Hicks is close to selling the Texas Rangers Major League Baseball franchise in a move that could free up funds for his indebted Premier League club.
Hicks found a number of interested bidders for the Rangers, and late last night selected a group led by Pittsburgh lawyer Chuck Greenberg to enter exclusive negotiations.
Hicks now has 30 days to agree a deal with Greenberg before submitting plans to MLB for approval. The banks that hold Hicks' debt must also approve any sale.
The deal would see the Hicks family retain a small share of the team. No price has been revealed, but it is estimated the Rangers could fetch up to £300million.
"Our family has chosen to negotiate with the group we believe will be best to protect and ensure the long-term positive future of this franchise," Hicks said in a statement that appeared on the Rangers website.
"We understand that this is more than a transaction. You never really own a baseball team; you just have the right to be the trustee of a public institution."