The letters were received by Aug. 18, though the potential buyers have not been revealed.
Hicks and Major League Baseball are reportedly hoping to sell the team for $600 million, though most experts agree the team to be worth closer to $500 million.
A couple of factors that are hurting the sale are that the team does not own their ballpark or have a regional sports network. Additionally, MLB has been supporting the team's payroll since Hicks defaulted on a $10 million interest payment due March 31, according to the SBJ report.
Despite the setbacks, MBL president and coo Bob DuPuy told the SBJ they are encouraged and that the process to sell the Rangers is moving forward.