10:11pm: Evan Grant of the Dallas Morning News answers some of the questions surrounding the decision by Hicks to negotiate exclusively with Greenberg's group, noting that Greenberg's group altered their bid at the last moment when it appeared as though Crane and Gilbert would get the bid.
7:58pm: Maury Brown of Biz of Baseball reports that Tom Hicks has chosen the bid from Chuck Greenberg's group over the bid from Jim Crane and Dennis Gilbert. Greenberg's group includes current Rangers president Nolan Ryan. Greenberg's group now has exclusive rights to negotiate for the purchase of the Rangers. The amount of the bid is unknown, however, previously Brown reported that the bid could reach $530MM.
Brown adds that Hicks may have chosen Greenberg's group over the Crane and Gilbert in part because the former will keep Hicks on board as a minority owner. Earlier, Brown believed Crane had the highest bid.
The final deal would need approval from 75% of the league's owners.
Evan Grant says the Greenberg Group will have 45 days to reach an agreement.
Jose de Jesus Ortiz reports that Crane had a "handshake deal" last year to purchase the Astros but backed out. Astros owner Drayton McLane says he was furious at Crane for not going through with the deal.