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Report: Jim Crane finalizing Astros purchase

Posted on: May 10, 2011 7:46 pm
 

McLaneBy Evan Brunell

A new owner for the Houston Astros could be in place shortly, as KTRK-TV in Houston reports.

While current owner Drayton McLane (pictured) continues to fend off reports that the sale is nearly complete, negotiations with Jim Crane have reached the point where "all that's left is the dotting of I's and crossing of T's and the team will be sold."

The purchase price is expected to be roughly $680 million, which is significantly higher than Forbes' valuation of the club at $474 million in spring training, but it's not clear yet just what is included in the purchase. Parking lots are often folded into team purchases, and that can jack up the price as well as stadium rights. Either way, it's a major profit for McLane, who grabbed the team in 1993 for $117 million.

This is not the first time Crane has tried to purchase the Astros. There was an agreement close to completion before Crane backed out. Crane later teamed up with Mark Cuban to try to win the Rangers in a bankruptcy auction, but lost to Nolan Ryan's group. While Crane's backing out caused consternation in the MLB offices, the lack of a clear front-runner for the team helped Crane, as McLane has been trying to sell the team for some time. Rays GM Andrew Friedman's father is trying to mount a bid but it appears as if it will have come too late.

Of recent purchases spanning back to 2000, the $680 million figure will be the third-most expensive purchase of a team behind Tom Rickett's Cubs purchase of $845 million in 2009 for a 95 percent interest in the club and 25 percent interest in Comcast SportsNet Chicago. Second is John Henry's $700 million purchase of the Red Sox that included the regional sports network of NESN. No other purchase comes close, with the runner up to Houston's expected value being Texas' $593 million winning bid.

Houston boasts baseball's worst record as well as a poor farm system, so hopefully Crane will be able to come in and turn the team around. New owners tend to prefer to have their own guys in influential positions, so GM Ed Wade's position is now in danger along with manager Brad Mills', although Mills figures to have more job security given his success skippering the team last season. Friedman has been linked to the Astros to replace Wade although he has deflected all talk of the subject. 

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Comments

Since: Dec 2, 2011
Posted on: December 10, 2011 3:24 pm
 

Report: Jim Crane finalizing Astros purchase

Certainly... i no doubt love to discover the item creative set up, this contemplation is useful.



Since: Dec 2, 2011
Posted on: December 6, 2011 1:16 pm
 

Report: Jim Crane finalizing Astros purchase

Guess what, many thanks for any weblog.In truth hoping for coming up for reading from further more. Amazing.



Since: Mar 6, 2008
Posted on: May 11, 2011 1:31 pm
 

Report: Jim Crane finalizing Astros purchase

Crane should pay the Forbes value and use the rest to build a "farm" through the draft...McLane's old buddy, David Glass, can show him how


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