Financial details have not been disclosed, but reports have suggested the deal is worth in the region of US$680 million. The Astros’ only appearance in the World Series came in 2005, when the Chicago White Sox cruised to a 4-0 whitewash.
McLane has owned the Astros for 19 years, but Crane, who first tried to buy the team three years ago, will seize control of the club pending approval from the League. After failing in his first bid for the Astros, he also unsuccessfully tried to buy MLB’s Chicago Cubs and Texas Rangers.
McLane, who bought the team in November 1992 for $117 million, put the franchise up for sale in November with a significant selling point being the team's share in a new deal with the National Basketball Association’s Houston Rockets to create a regional sports network. The new network will begin airing Rockets games in 2012 before Astros broadcasts start in 2013.
The Houston Chronicle reported that George Postolos, who spent eight years as president of the Rockets, will take over as chief executive officer of the Astros when the sale is complete. Crane is the chairman and CEO of Crane Capital, a private equity fund company.
“We worked long and hard to get a baseball team, and will work even harder to win a World Series for our hometown,” Crane said. “Thank you to Drayton and my partners for making this day possible.”
