Oilman Eddie Chiles has agreed to sell...

Oilman Eddie Chiles has agreed to sell his controlling interest in the Texas Rangers to Gaylord Broadcasting Company of Dallas, the American League team announced.

Gaylord acquired one-third of the Rangers’ stock as well as broadcasting rights in February 1985. It also had first refusal rights to buy Chiles’ stock if he decided to sell. Chiles, head of Fort Worth-based Western Co. of North America, sold one-third interest in the club to Gaylord about two years ago for $20 million.