Drayton McLane, who has owned the Houston Astros since 1992, has had the club on the market for the last couple of years.
Today, according to Maury Brown at Biz of Baseball, the sale of the Astros to Houston businessman Jim Crane may be completed:
The Astros have not commented on the sale. The reported sale price is $680 million. Drayton McLane purchased the Astros for $117 million in 1992. Accounting for inflation, in today’s dollars that would be worth approx $180 million. He will also receive $95 million in monies associated to the new regional sports network being started with the Houston Rockets.
As with all sales of major league franchises, the Astros sale is subject to approval by a vote of at least 75% of the other 29 owners. Like the recent sale of the Chicago Cubs to the Ricketts family, this approval is expected to be given.
The Astros made the postseason six times under McLane's ownership and played in one World Series, in 2005 when they lost to the White Sox. McLane's darkest moment may have been when he refused to allow the team to travel out of Houston during Hurricane Ike in 2008, finally relenting and having them play two games against the Cubs in Milwaukee's Miller Park, one of which turned into Carlos Zambrano's first career no-hitter.