Major League Baseball announced Monday that a sales-purchase agreement had been signed to transfer ownership of the Houston Astros Baseball Club from current owner R. Drayton McLane, Jr., to a group of investors led by Houston businessman James Crane for roughly $680 million.
McLane bought the Astros in 1992 for $117 million, with most of the money coming from his 1990 sale of the family-owned McLane Company, a food services and supply firm, to Wal-Mart. (Wal-Mart sold the company to Berkshire Hathaway in 2003). Having advised McLane on his acquisition of the team almost two decades ago, King & Spalding reprised its role as counsel to McLane and the Astros on the sale to Crane.
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