The Texas Rangers are having a pretty good season this year. The last time you probably heard somebody say that was in 1999 when the Rangers were swept by the New York Yankees in the American League Divisional Series. Since then, the Rangers plummeted in the ranks of the AL West and have slowly been climbing to get out of it. The latest chapter of Rangers history began yesterday when Nolan Ryan outbid Mark Cuban to become the newest owner of the recovering franchise.

Ryan paid significantly above what the actual value of the franchise is, but that was driven by his battle with Cuban and will fork over $593 million – $385 million in cash – to take full control over the otherwise bankrupt franchise. Cuban is the controversial owner of the NBA’s Dallas Mavericks, but was unsuccessful in his second attempt to land an MLB team, after failing to acquire the Chicago Cubs in 2009. Whether he’ll try to go after another franchise is unknown.

Prior Rangers owner Tom Hicks has been experiencing financial trouble for almost a year now, and selling the team was pretty much his only option. The fact that two Texas-based groups were vying for the team is great for the Texas market. That Ryan, a former All-Star with both the Houston Astros and Texas Rangers with his number retired by both clubs, won the decision of the courts makes the story even better for baseball as a whole.

Now the Rangers can move forward and focus solely on the 2010 season and getting back to the playoffs. They have one of their strongest teams in years and lead the AL West, but there are still two months left and it will not be easy for them to hang on. But now that Ryan and friends have complete control of the club, it will be interesting to watch where they take the team, not just on the field, but off of it as well.