Ryan, who currently serves as the club president, will remain in that role should the negotiations prove successful, and Greenberg will likely be named managing general partner.
A Pittsburgh attorney, Greenberg has been involved in several sports-related negotiations in the past and helms Greenberg Sports Group, a national firm which provides a variety of consulting services within the sports industry. He also served as owner, president and managing partner of the Double-A Altoona Curve from 2002-2008.
Greenberg's group has 30 days to negotiate and complete the purchase from Hicks, at which point the deal will need to be presented to Major League Baseball for approval.
"There's a lot of work to do," Greenberg said in a joint statement with Hicks. "The deal isn't done yet, but I am confident we can complete this soon and have the Rangers well-positioned for the future."
Hicks' remarks emphasized that the sale would be the best move for the Rangers.
"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. We understand that this is more than a transaction," he said.
"You never really own a baseball team; you just have the right to be the trustee of a public institution. Nolan Ryan is the personification of the word trust. He and Chuck worked diligently and relentlessly to get to this point."
Hicks began actively looking for minority partners during Spring Training but has been forced to consider selling the team outright as his ownership outfit, Hicks Sports Group, has continued to accrue debt.
Greenberg, who has served on the Minor League Baseball board of trustees since December 2007 and sits on the board of directors for the Baseball Internet Rights Company (BIRCO), and Ryan beat out two other groups to win bargaining rights. He plans to relocate from his native Pittsburgh to the Greater Dallas Area should the deal go through.
According to Greenberg's statement, he's set his sights higher than simply owning a Major League team, making it clear that success will mean leading the organization to victory on the grand stage.
"We are committed to stability, continuing to work the baseball plan that's in place, and doing whatever is necessary to build upon the team's tradition and bring home a World Series championship."