Astros: Group led by Jim Crane to buy Astros for $680M - KTRE.com | Lufkin and Nacogdoches, Texas

Astros: Group led by Jim Crane to buy Astros for $680M

HOUSTON (AP) - The Houston Astros have reached an agreement to sell the team to a group led by Houston businessman Jim Crane for $680 million.

The team announced the deal Monday and Crane, who tried unsuccessfully to buy the team in 2008, was introduced during an afternoon news conference.

The sale is subject to approval by Major League Baseball. Drayton McLane bought the team in November 1992 for about $117 million. He put the franchise up for sale in November.

Crane says former Houston Rockets president George Postolos will serve as CEO when the deal goes through.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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