Astros purchased for $680 million

Jim Crane learned persistence playing baseball in his youth.

Turns out, he needed it. The Houston businessman failed three times to realize his dream of buying a Major League Baseball team.

On Monday, his never-give-up attitude paid off when Houston Astros owner Drayton McLane announced that he had agreed to sell the team to a group led by Crane for $680 million — the second-highest price in major league history if it is approved.

“Each time we tried it was a little difficult,” Crane said of his efforts to buy the Texas Rangers, Chicago Cubs and, yes, the Astros. “I’m accustomed to winning. So we set our sights on winning and we never gave up.”

The sale is subject to approval by Major League Baseball, a process officials said could take at least 30-60 days. Upon approval, his group wound become the fifth ownership group in charge of a team founded in 1962.

The sale price trails only the $845 million purchase of the Chicago Cubs by the Ricketts family two years ago. The $660 million sale of the Boston Red Sox in 2002 currently is second. Like the Astros’ deal, the Cubs and Red Sox transactions included related entities.


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