Davis told reporters during an earlier press conference that he planned to take over representing the Rangers franchise, which Selig confirmed on Thursday. Selig indicated that the decision is not yet official, but approval is expected when the owners meet on Nov. 14 in Orlando.
Ryan had filled the role of controlling owner, whose responsibilities include being "accountable to Major League Baseball for the operation of the Club and for the Club's compliance with the rules of Baseball," and representing the team at meetings. Ryan announced his resignation from the role on Oct. 17, effective at the end of the month.
Davis helped purchase the Rangers with former XTO Energy founder Bob Simpson in 2010. The group of investors backed Ryan to purchase the team, who also served as team president and CEO. The Rangers will not hire a new CEO to replace Ryan, stating that Ryan had a "unique" role with the team.
Davis, 71, is worth $1.9 billion and earned most of his wealth with a successful oil pipelines business, according to his Forbes.com profile.