Tuesday, May 10, 2011

Crossed Ts? Check. Dotted Is?

KTRK says that the sale of the Astros to Jim Crane is pretty much done.

All that's left to do is just a little fine-tuning before the sale of the Astros to Crane and his group is announced. In fact, it was late last week that all the major points were concluded.

KTRK also says the sale price will be around $680 million.

Back in March, Forbes valued the Astros at $474m, which means that Crane is buying the Astros for about 43.5% more than what they're worth (not counting the new tv deal, supposedly).

This is a huge deal for Drayton, whose purchase price at a touch over $100m, turned a nice profit - but also because, if the numbers are at least close to what KTRK is reporting, the Astros will sell about $90m more than what the Rangers sold for last August.

More reaction later once details come in...