The Rangers, which was owned by a group led by former US President George W. Bush in the early 1990s, hope the deal will be completed before the new MLB season starts on April 5.
The final sale price is thought to be in excess of $500m. The deal must first be approved by Hicks Sports Group's creditors and Major League Baseball, whose rules require that the agreement must be reviewed by its ownership committee and approved by 75 per cent of the 30 team owners.
Hicks says he intends to retain ownership of his NHL team, the Dallas Stars, which he has owned since 1996.
