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 According to a report by Bob Allen of KTRK, the ABC affiliate in Houston, the sale of the Astros from Drayton McLane to Jim Crane is all but complete. According to the report, all that is left is “dotting of I’s and crossing of T’s and the team will be sold.”
The reported sale price is approx. $680 million. Forbes most recent valuation ranking had the Astros 14th out of the 30 clubs at $474 million.
The sale price is likely higher due to a new regional sports network being started by the Astros and NBA Rockets. And while the price was inflated through the auction process, the sale of the Texas Rangers in August of last year for $593 million likely factored into the increased sale price for the Astros.
For those thinking that the deal is imminent due to the MLB owners meetings taking place this week, think again. According to a league source, there is nothing on the agenda for the meetings that are tied to the Astros sale.
More details as they become available.
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If Frank McCourt sneezes in the wrong direction or gets caught having a $200 lunch, it's front-page news at the LA Times or ESPN.com. Ditto for Tom Hicks and his misdeeds in Dallas. But here we have Jim Crane, who has a long trail record of questionable personal and professional actions and has a net worth that's MAYBE 10 percent of Drayton McLane's, and the Houston media does no analysis whatsoever.
I'd love for Richard Justice or one of Houston's other "professional reporters" to explain how Jim Crane is going to bring the Astros out of the cellar when Crane is likely to have $300 million or more in debt service to pay off.