Oklahoma publisher Edward L. Gaylord has decided...

Oklahoma publisher Edward L. Gaylord has decided to exercise his option to buy Eddie Chiles’ 58% interest in the Texas Rangers.

Gaylord, who already owns 38% of the team, said he’s buying the club to ensure that it will remain in the Dallas-Ft. Worth area.

The price tag for the Rangers and Arlington Stadium is an estimated $80 million.

A group headed by automobile dealer Frank Morsani of Tampa, Fla., had agreed in principle to buy the team from Chiles, who later expressed regret that he hadn’t gotten them to agree to keep the team in Texas.