Tuesday, May 10, 2011

Screw Jim Crane, Kenny Friedman is still interested in the Astros

Stephen Goff talked to Kenny Friedman about his interest in the Astros, even while Drayton and Jim Crane are engaged in an exclusive negotiating window.

Friedman:
"We'll sit here and play the waiting game. I wish Mr. Crane well. He would be a great owner, an asset to the city and to Major League Baseball. I don't know Mr. Crane personally. I just know of his good reputation and we'll just wait and see. It ain't over 'til it's over as Yogi Berra used to say. If it doesn't work out between McLane and Crane, we'll jump in and try to buy the team."

Here's what I'll find interesting: if Friedman's confirmed interest and, if you read the article you'll see this, his investment group will affect the negotiations between McLane and Crane. If Drayton is still upset, or has any questions about Crane's reputation, his financing, his history, then Drayton can hold out until the negotiating window expires, and sell to The Landlord (we hope everyone embraces this name bestowed upon Friedman - because of his role in the Sports Authority) and his group.

If McLane sells to Crane, then either McLane just wants out as quickly as possible, or he really has put that whole 2008 Handshake agreement behind him. But things have become a little more dicey for Crane, regardless.

1 comment:

Big T said...

You should not discount the notion that having an illusory buyer standing by in the background is one of the oldest tricks in the investment banking book.