Chiles Reaches Agreement on Sale of Rangers

Majority owner Eddie Chiles of the Texas Rangers said Friday that he has agreed in principle to sell the American League baseball team to the New York- and New Jersey-based Mack family and Frank L. Morsani of Tampa, Fla.

The minority owner, Gaylord Broadcasting Co., has the right of first refusal in any purchase agreement for the team.

The Dallas broadcasting company has 30 days to match the purchase price, to agree to sell its share of the Rangers or to remain in its current position as minority owner.