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Astros May Be Sold to Crane Next Week, Houston Chronicle Says

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May 12 (Bloomberg) -- The Houston Astros may be sold as early as next week to a group headed by Jim Crane, the Houston Chronicle reported, citing two unidentified people familiar with the negotiations.

The transfer of the Major League Baseball team, its share of a new regional sports network and the $1.7 million semi-annual lease payment on Minute Maid Park may be made to Crane’s group of eight to 10 people as early as July, the report said.

Drayton McLane is said to be asking $680 million for the team (14-23), which defeated the Cincinnati Reds 4-3 last night, the Chronicle said. That’s about $87 million more than the Texas Rangers were sold for last year, the newspaper reported. McLane didn’t respond to an e-mail seeking comment.

Crane, the founder of Crane Worldwide Logistics and chief executive officer of Crane Capital, failed with an attempt to buy the Astros in 2008. He then missed out on the Chicago Cubs in 2009 before he and Dallas Mavericks owner Mark Cuban were outbid for the Rangers.

To contact the reporter on this story: Nancy Kercheval in Washington at nkercheval@bloomberg.net

To contact the editor responsible for this story: Michael Sillup at msillup@bloomberg.net

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