In January 2010, Hicks announced that he would sell the Rangers to Ryan, Greenberg, and their minority partners. However, Major League Baseball grew dissatisfied with Hicks decisions and motives, and assumed control of the sale of the team, relegating Hicks to a background contributor.
The Rangers officially declared bankruptcy on May 24 with $575 million owned to creditors, including $24.9 million still owed to Alex Rodriguez. On that day, Greenberg offered to buy the team for the exact amount owed by Hicks Sports Group.
