The Frisco RoughRiders are going to new owners.

Mandalay Baseball Properties LLC announced June 16 they have entered into an agreement to sell the team to Chuck Greenberg and Scott Sonju.

The terms of the agreement are subject to approvals of the Texas League and Minor League Baseball as well as review by the Office of the Commission of Major League Baseball.

The terms of the agreement were not disclosed.

Greenberg owns the Texas Rangers' Advanced-A affiliate Myrtle Beach affiliate and was the former CEO and managing partner of the Texas Rangers. He is the new chairman, CEO and managing partner of the newly formed Frisco RoughRiders LP, a partnership of local investors buying the team.

"This is an exciting time for us and RoughRiders fans across the Metroplex," Greenberg said in a released statement. "The RoughRiders already have an outstanding operation and reputation and we are looking forward to further enhancing the fan experience at Dr Pepper Ballpark and throughout the community. The RoughRiders have a wonderful relationship with the Texas Rangers and we look forward to helping grow future players—and fans—for the Rangers."

Mandalay Baseball has owned the franchise since its inception in 2003.

"The Rangers have enjoyed a productive and successful partnership with the Frisco RoughRiders for the last 12 years," Jon Daniels, Texas Rangers president of baseball operations, said in a released statement. "We look forward to continuing that strong relationship with Chuck and Scott and their new ownership group. Our affiliation with Chuck's group in Myrtle Beach has been outstanding and we congratulate them on the Frisco purchase."

Sonju is the co-managing partner and will continue to serve as the RoughRiders president and oversee day-to-day operations under Greenberg's leadership.

"This is wonderful news for the citizens and businesses of Frisco and the entire region," Frisco Mayor Maher Maso said in the statement. "The RoughRiders have been outstanding community partners and now being under local ownership will create even more opportunities."