May 11, 2011, 1:03 PM EDT
UPDATE: Zachary Levine reports that the sale of the Astros could be completed by next week. If so, ownership of the Astros could be transferred as early as July.
Tuesday: 5:07 PM: Drayton McLane has commented on this morning’s report that he and Jim Crane have all but completed a deal to sell the Astros:
“I haven’t signed anything, Jim Crane and his group hasn’t signed anything and Major League Baseball hasn’t signed anything. We’re still negotiating, so there’s nothing to report.”
I guess I’d just note that saying “I haven’t signed anything” is not exactly a refutation of a report that you’re on the verge of signing anything. In fact, they’re wholly consistent. But hey, they’ll tell us when they have a deal done.
Tuesday: 10:30 AM: Last week we learned that Jim Crane was the sole remaining bidder for the Houston Astros. This morning KTRK TV in Houston is reporting that the sale of the Houston Astros to Crane is all but a done deal. All that’s left according to KTRK: “the dotting of I’s and crossing of T’s.” Gosh, I hope they’re not dotting capital I’s like that, because that would be improper.
The reported sale price is $680 million. Drayton McLane purchased the team in late 1992 for $117 million in 1993. So, hey, not bad.
Given baseball’s recent history with turbulent transactions fraught with high drama and litigation, analysis of what appears to be a straightforward sale is, relatively speaking, like trying to expound upon a man tying his shoes and then walking on, so all I’ll say is “congratulations Drayton and Jim.”
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