The RoughRiders have been the Rangers' Double-A affiliate since 2003. Greenberg, who owns two other Minor League teams, including the Class A Myrtle Beach Pelicans, was the Rangers' CEO from 2010-11 before stepping down.
"This is an exciting time for us and RoughRiders fans across the Metroplex," Greenberg said. "The RoughRiders already have an outstanding operation and reputation and we are looking forward to further enhancing the fan experience at Dr Pepper Ballpark and throughout the community."
The Rangers' working agreement with the RoughRiders currently runs through 2018.
T.R. Sullivan is a reporter for MLB.com. Read his blog, Postcards from Elysian Fields, and follow him on Twitter @Sullivan_Ranger. This story was not subject to the approval of Major League Baseball or its clubs.