Texas Rangers owner Eddie Chiles said he...

Texas Rangers owner Eddie Chiles said he has agreed to sell his majority shares to a group led by George W. Bush, the President’s son.

Chiles twice had tried to sell the team to Edward L. Gaylord, but each attempt was rejected by American League owners, who were concerned about his ownership of Gaylord Broadcasting.

Gaylord, who owns 33% of the team, must approve the sale. In addition, approval is needed from both leagues, but that is expected to be routine.

No purchase price was announced, but Chiles, who will remain chairman of the board, said Bush had agreed to keep the team in Texas.