Tom Hicks to sell baseball franchise

Liverpool co-owner Tom Hicks has finally agreed a deal to sell his major league baseball team, the Texas Rangers.

Following an extensive negotiating process, Hicks has an agreement in place to sell the team to a group headed by Pittsburgh attorney Chuck Greenberg and Rangers pitching legend Nolan Ryan for a price that could exceed US dollars 500 million (£310million).

Agreement was reached late on Saturday night in Texas, and came 24 hours after an exclusive negotiating window had expired.

"Together, we have worked exhaustively since last month to attain this agreement," Hicks said in a statement. "It's a complex business deal that positions the franchise positively for the future."

The deal must still be approved by Major League Baseball and the banks that hold the debt on the Hicks Sports Group, and may not be finalised until April.

It is not clear whether Hicks intends to use any of the proceeds from the deal to aid Liverpool's troubled financial position.

Late last year, Hicks' fellow Liverpool owner George Gillett sold the Montreal Canadiens ice hockey team for a reported Canadian dollars 550 million (£323million), but has not invested that money in the Barclays Premier League club.