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Astros’ owner Drayton McLane has hired New York-based investment firm Allen & Co. to sell his team for $800 million, FOX 26 reports.McLane bought the franchise in 1992 for a reported $112 million. Forbes values the franchise at $453M, down $10M from its 2007 peak.
Though McLane was not well regarded in Houston, the Astros were relatively successful during his ownership. They made the playoffs six times since 1993, including a 2005 World Series appearance. The club finished above .500 in 15 of McLane’s 19 seasons.
Considering the nearby Rangers were sold for $590M, McLane’s asking price seems absurdly high. But we can think of at least one Texas area billionaire who would be interested in owning another sports franchise.
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