http://abclocal.go.com/ktrk/story?section=news/sports/pro/baseball&id=7212633 HOUSTON -- Eyewitness Sports has learned that Houston Astros owner Drayton McLane could be on the verge of selling the team. This past weekend, McLane signed a working letter of intent to sell the team to a group that would consist of a mix of local and out of town investors. The names haven't come forward yet, but we have found out that the big money is from out of town, where three to five investors would be involved, and there would be 10 to 12 smaller level local investors. We're hearing the high end of the sale price could be around $700 million. They are in an exclusive negotiating period and have until the end of the month to come up with the money McLane wants or there's no deal. On Monday, McLane told Eyewitness Sports anchor Bob Allen that the potential buyers would "have to show us that they have the financial capability to do the deal and they have to show us the people, because we'd only do something if it were really, highly reputable people and that there were a lot of Houston people that were involved in it." McLane told Allen if this group could not come up with the money then he would be fine owning the team for several more years. Allen also talked with Tilman Fertitta Monday who told us he is not part of this group and hasn't talked with McLane recently about the team. The Houston Astros saw some of their most prosperous seasons under McLane. He bought the Astros from John McMullen in 1992 for $117 million. During his time as Astros chairman and chief executive officer, the team has ranked as the second-winningest team in the National League, and fifth-best in the majors. The Astros also played in their only World Series in 2005.
I'll be sad to see him sell if/when it does happen. Doesn't seem like his sons are interested and he's not getting any younger. To all the complaints about him over the years, keep in mind that the Astros have enjoyed some of their best success with him at the helm. I'd be cautiously optimistic about any new ownership.
No doubt Mclane is/was the best owner this organization has ever had, but the way the club has declined so fast is mostly due to him, and his unwillingness to give up the reigns on his baby. His continual thought process that the club can still be competitive with the current roster has caused him to sacrifice the future and still attempt to win now.
^^ That's why I'm optimistic. Hopefully new ownership will be a little more hands off on the baseball side of things....but hopefully new ownership won't run the team into the ground...even more than it is now.
http://bbs.clutchfans.net/showthread.php?p=4958400#post4958400 Look at the last post. Nothing is official yet, but it looks like its going to happen...
Hmm this could be interesting if the deal went though. Correct me if i'm wrong but isn't Draytone the Sole owner of the Astros organization ? By the way this article sounds it seems that the next regime could have a large amount of parties involved. By having a large amount of parties involved in ownership I wonder how this could effect our yearly payroll and the upcoming Free Agent years.
Hopefully the first order of business will be Tal Smith's quick exit. It'll be a little weird to see Drayton go though, he's always been an up beat guy and he had a hell of a great run with the team.
No way you can move this team out of Houston, i'm pretty sure there are legal issues behind it as well when the new stadium was built etc... But I don't see a bigger market available than where we are now. When this team is winning it is one of the best baseball cities around.
Don't be so sure - this doesn't exactly look like a simple transaction. 13-17 investors would be involved, and they need to not only come up with the money, but agree between themselves how to manage the organization. I think this is in the relatively early stages of being a possibility.
yeah, i thought that may be a possibility. anybody know the details? in that case, sell it to anybody and i'm ecstatic.
Sorta 2 conflicting stories. Bob Allen, Mark Berman. Hmm, I'll go with Berman. http://www.myfoxhouston.com/dpp/sports/mlb/100111-new-york-investor-astros
Minute Maid Park is owned by the Harris County Houston Sports Authority and the Astros signed a 30 year lease when it opened. I don't think the new owners can break that lease unless they want to pay a hefty fee. Here's an old article: http://www.chron.com/disp/story.mpl/special/enron1/498779.html
This is something that crossed my mind...the ownership group will need to have a head decision maker or much like the Braves with AOL/Liberty Media Group they could basically set a budget and tell Wren to stay within it. There is a small portion of me that is a bit worried about non-local ownership but MMP is one of the best parks in the country and leaving Houston would not be a smart deal.
