ARLINGTON, Texas — The new owners of the Texas Rangers are already lowering prices for fans while preparing for the increase in payroll they know will be necessary for the AL West leaders to have the chance to keep Cliff Lee and their core group of players intact.

"We're fully prepared to bear the cost of that," new managing partner Chuck Greenberg said Friday. "And do it with a smile because we're here to win."

A day after Major League Baseball formally approved a sale that pulled the Rangers out of bankruptcy, the new ownership group led by Greenberg and Hall of Fame pitcher and team president Nolan Ryan announced lower prices for concessions, parking and merchandise. Those went into effect Friday night for the start of a weekend series against Boston.

Greenberg said the immediate lowering of costs for fans at Rangers Ballpark and the increased price paid in auction last week to get the team for a $590 million bid will not effect plans by the new group of 18 investors for ballpark upgrades and keeping their players.

Lee is the ace left-hander the Rangers managed to get in a trade from Seattle on July 9, despite their uncertain situation then and the New York Yankees also pursuing the pitcher. Lee can become a free agent after this season.