Oilman George W. Bush, the president's son, and several partners have purchased majority ownership in the Texas Rangers from Fort Worth oilman Eddie Chiles, Chiles said Saturday at a news conference.

Chiles sold his 53 percent interest in the club to a group headed by Bush, the son of President George Bush, and businessmen Edward "Rusty" Rose III and Richard Rainwater for an undisclosed sum.Chiles said he would remain as chairman of the board of the American League club.

"We've found the right people, and we're very happy," Chiles said, "I've always said that selling the Rangers would be one of the greatest losses of my life. It's like losing a member of the family . . . but I think we are selling it to people who can cherish it and love it and develop it."

Chiles also said that Oklahoma City millionaire Edward Gaylord, who twice was turned down by American League owners to become primary owner of the Rangers, will retain his minority ownership in the club.