Jan 27, 2010 6:54 AM EST

The buying group led by Chuck Greenberg and Nolan Ryan acquired the Texas Rangers for $570 million, several sources have told SI.com.

The group outbid former superagent Dennis Gilbert's group, which is thought to have offered about $525 million.

Previous owner Tom Hicks purchased the Rangers for $250 million in 1998.

Via Sports Illustrated