Commissioner Bud Selig announced last Wednesday that he would take over the Dodgers and select a trustee to "oversee all aspects of the business and day-to-day operations of the club."
Schieffer, 63, served as the Rangers' president from 1991-99, a span in which Texas won its first three division championships.
The Rangers were owned for almost all that time by an investment group headed by former President George W. Bush.
Under the Bush administration, Schieffer served as the U.S. ambassador to Australia from 2001-05 and to Japan from 2005-09.
-- Bill Shaikin
Photo: Tom Schieffer in 1995. Credit: Pat Sullivan / Associated Press