Ryan and Church Greenburg, an attorney from Pittsburgh, headed a group that last week submitted a winning bid of $593 million to buy the Rangers out of bankruptcy. Greenburg is to serve as the ownership's main controller while Ryan will be the team president.
"I am very pleased that Chuck, Nolan and their impressive ownership group have been approved as the new leadership of the Texas Rangers franchise," said MLB Commissioner Bud Selig. "Chuck and Nolan have demonstrated an unwavering commitment to the Rangers. Their passion for Major League Baseball as a whole and particularly the future of baseball in Texas is exemplary."
The Greenburg-Ryan group reached an agreement in January to buy the Rangers for $575 million, but debtors to the previous owners said they could get more money and stopped the sale. The team was placed in bankruptcy in May.
Ryan played the final five years of his 27-season major-league career with the Rangers. He had a career record of 324-292 and struck out a record 5,714 batters. He was inducted into the National Baseball Hall of Fame in 1999.