The Texas Rangers have filed for bankruptcy in order to follow through with previously negotiated plan that will lead to a sale to investors led by Pittsburgh attorney Chuck Greenberg and team president Nolan Ryan.

The Major League Baseball team is currently controlled by billionaire Thomas Hicks. The deal is valued at $575 million and is expected to be completed by mid-summer.

From Bloomberg:

The Arlington, Texas-based ballclub listed assets and debt of between $100 million and $500 million in Chapter 11 documents filed today in U.S. Bankruptcy Court in Fort Worth, Texas.
Alex Rodriguez, now the third baseman for the New York Yankees, was listed as the Rangers’ top unsecured creditor.

“I want to assure all our fans that this process will not affect the day-to-day management of the team as we continue to compete for a playoff spot in 2010,” Ryan said in a letter to fans posted on the team’s website.

The Rangers are the second MLB to enter bankruptcy in less than a year, following the Chicago Cubs. Follow Marketplace’s sports coverage here.