NEW YORK (CNNMoney.com) -- Baseball great Nolan Ryan and a group of investors announced plans Monday to buy the Texas Rangers in a bankruptcy deal valued at $575 million.
Under a "prepackaged" Chapter 11 arrangement, the Greenberg-Ryan group, a consortium of investors led by Ryan and sports mogul Chuck Greenberg, will take over the team and the lease of the Rangers Ballpark, in Arlington, Texas, outside Dallas-Fort Worth.
The sale, which was first announced in January, is expected to be complete by mid-summer.
The proposed deal will provide enough proceeds to cover all of the Rangers' debts, according to a statement released by Greenberg-Ryan, the team's current management and Major League Baseball (MLB).
Among the 30 creditors listed in the bankruptcy petition, filed in the U.S. Bankruptcy Court in the Northern District of Texas, is New York Yankees third baseman Alex Rodriguez.
Rodriguez, who played for the Rangers for three years, is owed nearly $25 million in "deferred compensation," according to court documents.
"Our goal is to move forward with our plan to create a long-term record of success and championships," Ryan said in a statement.
Ryan, a former Ranger who is widely considered one of the best pitchers of all time, will remain in his role as president of the team.
The sale is expected to have no impact on Rangers baseball operations, according to Major League Baseball Commissioner Allan "Bud" Selig.
The deal, which is subject to court approval, will allow the Rangers to operate within its existing budget. That means the team will be able to acquire new players. In addition, Rangers vendors and suppliers will be paid in full.
Under the proposal, ticket prices will remain the same and purchased tickets will continue to be honored. All current amenities and promotions at Rangers Ballpark will continue as usual, the team said.
"This plan to complete the sale of the Texas Rangers serves the best interests of the team, its fans, MLB and all other parties involved," Selig said in a statement. "Rangers fans can have confidence that their team has the resources it needs to compete." 
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