Nov 23, 2013, 12:46 PM EST
Jim Crane’s Houston Astros ownership group filed a lawsuit late Thursday against former Astros owner Drayton McLane Jr., McLane Champions, LLC, Comcast Corporation and NBCUniversal (NBC Sports is owned by Comcast/NBCUniversal).
The suit, filed in Texas state court, alleges that, at the time of Crane’s ownership group’s 2011 acquisition of the Astros and McLane’s interest in the regional sports network CSN Houston, the defendants engaged in fraud and conspiracy and negligently misrepresented and omitted information relating to the network’s value and its prospects.
The lawsuit also accuses McLane Champions of breach of contract.
The Astros and McLane’s share of CSN Houston were reportedly sold for $615 million. CSN Houston launched in October 2012 and started televising Astros games in 2013.
“These misrepresentations have caused us an enormous loss, and they’ve hurt our fans and hurt our city of Houston,” Crane said during a Friday press conference. “Because of these misrepresentations, we are stuck in a network deal that cannot get off the ground.
“So we now face a situation where we accept millions of dollars of loss each year with damage to the franchise and the city, or we fight back.”
I haven’t seen the lawsuit yet, but Jim Crane is highly experienced and has been in business over 30 years. He is surrounded by top tier accounts, attorneys, operators and marketers and he has participated in transactions even larger than this one. His experts meticulously examined the Houston Astros financial position. My team was absolutely transparent and produced thousands of pages of documents; we provide answers to explanations to all of their questions. Any suggestion otherwise is absolutely false. As an example, today, Jim Crane reportedly stated that he did not receive the business plan for CSN Houston prior to the purchase. That is not true.
“This was one of the most complex and scrutinized transactions of my business career. Jim’s group had all the facts. In fact, he told the Chronicle this September that the regional sports network had ‘good long-term value.’ The Accusations that have been reported are hollow and appear to be an attempt to recreate the facts,. We will respond in a vigorous and persuasive manner to the lawsuit.
NBCUniversal also released a statement:
“Comcast/NBCUniversal vehemently rejects any claim of wrongdoing asserted by the Astros. This litigation outside the bankruptcy proceedings is a desperate act, committed during a period in which Mr. Crane and his team of sophisticated advisors have been granted by the Bankruptcy Court an opportunity to explore and effectuate solutions to the Network’s serious business problems. Instead, it appears that Mr. Crane is suffering from an extreme case of buyer’s remorse, and aiming to blame the Network’s challenges on anything but his own actions. Comcast/NBCUniversal looks forward to vindicating itself in this litigation and also remains committed to a reorganization of the Network in Bankruptcy Court.”
Crane told the Houston Chronicle that he doesn’t have buyer’s remorse and is “very happy we own the team and will continue to be happy and we’ll work our way through this, and the rest of it, I guess we’ll sort it out in court.”
Nov 23, 2014, 11:41 PM EST
The Red Sox and Hanley Ramirez will finalize a deal on Monday in the range of five years and $90 million, according to Ken Rosenthal.
Nov 23, 2014, 11:10 PM EST
The Astros, in the market for a top-end closer, have spoken to the agent of David Robertson.
Nov 23, 2014, 10:20 PM EST
Giants receiver Odell Beckham, Jr. made a ridiculous catch on Sunday Night Football. MLB players reacted to it on Twitter.
Nov 23, 2014, 9:35 PM EST
The Braves have been shopping Justin Upton and the Rangers are interested.
Nov 23, 2014, 8:25 PM EST
Uncle Sam will be coming for Giancarlo Stanton.
Nov 23, 2014, 7:15 PM EST
The Marlins have discussed swapping Nathan Eovaldi for Wade Miley.
Nov 23, 2014, 6:05 PM EST
The Red Sox could revamp the left side of their infield if they have their way in free agency.
Nov 23, 2014, 4:45 PM EST
Davis was designated for assignment by the Bucs a couple of days ago to open up a 40-man roster spot for top pitching prospect Jameson Taillon. Now the first baseman is headed to Oakland.
Nov 23, 2014, 2:15 PM EST
The Red Sox and Cubs have long been considered the favorites to sign free agent Jon Lester, with the Braves and Cardinals also lingering. But there may be a surprise coming.
Nov 23, 2014, 12:03 PM EST
Paul Hoynes of the Cleveland Plain Dealer reports that the Indians have acquired right-hander Charles Brewer from the Diamondbacks in exchange for cash.
Nov 23, 2014, 10:51 AM EST
Torii Hunter could be headed back to where it all began.
Nov 23, 2014, 9:44 AM EST
Watch as former MLB commissioner Bud Selig introduces new commissioner Rob Manfred …
Nov 22, 2014, 10:35 PM EST
The Dodgers added some pitching depth, picking up Mike Bolsinger from the Diamondbacks on Saturday.
Nov 22, 2014, 9:30 PM EST
Wily Mo Pena could be back in the major leagues if the Twins are willing to play ball.
Nov 22, 2014, 8:25 PM EST
Are they looking to hire a caddie?
Nov 22, 2014, 7:20 PM EST
The Rockies added a bit of pitching depth, signing John Lannan to a minor league deal.
Nov 22, 2014, 6:15 PM EST
The Giants have a Plan B if they can’t bring back Pablo Sandoval.
Nov 22, 2014, 5:25 PM EST
And the Giants are still in the mix, too.
Nov 22, 2014, 1:13 PM EST
Satin spent parts of the past four seasons in the majors with the Mets.
Nov 22, 2014, 12:12 PM EST
Blanco played for the Cubs from 2005-2008.
- Report: Red Sox finalizing a deal with Hanley Ramirez 16
- MLB players react to Odell Beckham, Jr. catch on Sunday Night Football 18
- Report: Red Sox make $95 million offer to Pablo Sandoval 77
- White Sox sign Adam LaRoche to two-year, $25 million deal 35
- Report: Red Sox offer Jon Lester six years, $110-120 million 72
- Report: “There is a 90 percent chance that Pablo Sandoval will sign with the Red Sox” 130
- A’s sign Billy Butler to three-year, $30 million contract 84
- Cardinals reportedly joining pursuit of Jon Lester 65
- Braves and Cardinals swap Jason Heyward and Shelby Miller in blockbuster deal (157)
- Giancarlo Stanton’s contract is backloaded. REALLY backloaded. (148)
- Blue Jays sign Russell Martin to five-year, $82 million deal (135)
- Report: “There is a 90 percent chance that Pablo Sandoval will sign with the Red Sox” (130)
- Sexual assualt charges reinstated against Tigers pitcher Evan Reed (129)