McLane 'close' in deal to sell Astros to Jim Crane

[Will94]

McLane 'close' in deal to sell Astros to Jim Crane | Baseball | Chron.com - Houston Chronicle

McLane purchased the team for $117 million in 1992. People with knowledge of the discussions were uncertain of the purchase price, saying only that it definitely would exceed the $523 million the Rangers went for last summer. Forbes recently placed the value of the Astros at $474 million.

Adjusting for inflation, $117 million in 1992 would be about $185 million in today's money. $523+ million will be a nice little profit for Drayton.

 

[salsadancer7]

McLane 'close' in deal to sell Astros to Jim Crane | Baseball | Chron.com - Houston Chronicle
Adjusting for inflation, $117 million in 1992 would be about $185 million in today's money. $523+ million will be a nice little profit for Drayton.

Interesting. I would assume that it would include the stadium? And who is Jim Crane?

 

[SamCdbs]

And who is Jim Crane?

Jim Crane: From student-athlete to potential Astros owner | Houston & Texas News | Chron.com - Houston Chronicle

Got rich in freight.

 

[Will94]

Interesting. I would assume that it would include the stadium? And who is Jim Crane?

The Houston Sports Authority (which I think is actually a part of Harris County) owns the stadium, so no, it isn't included.

I don't know anything more about Jim Crane than what SamC posted. The problem that I have with Drayton McLane is that as the years have gone on, he's gotten more and more involved with the operations of the Astros. He isn't a baseball man, and he drove off a great GM, Gerry Hunsicker, with his interference. I am hoping that Crane will be smart enough to ditch Ed Ware, hire the right GM, and stay the hell out of the way.

 

[Ramy]

Interesting how much the Astros are worth. I wouldn't pay that for them.

 

[Will94]

Interesting how much the Astros are worth. I wouldn't pay that for them.

The talk on Houston sports radio is that they are going to sell for about $600 million. The guys that are buying professional teams these days come across to me almost like children with too much money. They spend far more than the team is worth so that they can hang out in the locker room with their heroes.

Oh, and Drayton complained year after year that he was losing money with the Astros. He did lose money, on paper, but he is going to profit almost $500 million for the 19 years he held the team.