KINSTON, N.C. (WNCT) – The Texas Rangers announced Friday they have officially completed the sale to purchase the new Kinston franchise from Minor League Baseball, signing a 12-year lease with the city of Kinston.
With the completion of the sale, the Rangers enter into a formal four-year player development agreement in Kinston. Minor League Baseball requires player development agreements for all minor league affiliates, and these may be a maximum of four years.
“The Rangers are pleased to officially complete our purchase of the Kinston franchise,” said Neil Leibman, Chairman of the Rangers Ownership Committee and CEO, Kinston Baseball LLC. “While per the Minor League Baseball Agreement, all official Player Development Agreements can be only for a four-year maximum, the Rangers have a 12-year lease with the City of Kinston, and we expect a long and productive partnership with this great region.”