The co-founder of private equity group Hicks, Muse, Tate & Furst, bought the baseball team for $250 million [£174m] in 1998 and his tenure was marked by high spending on players - the most controversial being when he approved the $252m [£175m] 10-year contract of Alex Rodriguez in 2000.
Hicks was heavily indebted after lavish spending and failure to win a World Series, and he is looking for a buyer for Liverpool - the football club he gained dual control over with George Gillett in 2007.
"Things have gone downhill from there and we've reached a total impasse with the creditors," Hicks said on the Rangers' official website.
The Chapter 11 filing in the US bankruptcy court for the northern district of Texas lists the liabilities of Texas Rangers Baseball Partners as between $100m [£69m] and $500m [£348m], while its assets were in the same bracket.
Hicks has been hoping to sell Rangers for about a year, but creditors holding about $500m of debt were initially against the sale as they hoped for a higher offer from another bidder.
sumber : goal