Monday, September 30, 2013

Crane vows to spend money, fight CSN Houston's bankruptcy

Jose de Jesus Ortiz, reporting from the Astros' golf tournamen (where a frosted-tipped Roger Clemens played a round), has a quote from Jim Crane

 Hopefully "TV" won't mean "Having An Embarrassing Thing Looped on Deadspin."

Also in today's Chronicle, filed in between the Weeping and Gnashing Of Teeth articles over yesterday's Texans game, Crane vowed to fight the forced bankruptcy petition for CSN Houston.

The Astros' general counsel, Miles Kibbe, said of CSN Houston:
This is not a bankruptcy situation. There are no creditors that are owed money at this point other than the Astros. This is a partnership disagreement over multiple agreements between the Astros and Comcast.

Crane laid it out as such:
“We’re fighting for money to improve the team. We’re not the bad guys here, in my opinion. We want to get what they (Comcast/NBC) told us they were going to give us. That’s enough.”

Jim Crane also said the Astros were scheduled to receive around $50m this season from CSN Houston, but the actual revenue received was "in the teens."

This is going to get ugly, and no, you're probably not going to get to see Dwight Howard and the Rockets.


Anonymous said...

Unfortunately the money he is going to spend on "the team" will be the money he pays the lawyers to try to save CSN Houston.

Anonymous said...

It sounds like Comcast doesn't want to release the Astros as they must need the product to fill the network. Crane doesn't like the price Comcast will sign with carriers and wants out of the network so he can sell his product independently. I don't understand why he feels his product is more valuable when he is selling it than when Comcast is a major component of the network.

At any rate, Crane's statement to "inheriting" the network is a joke. He bought it; he did not inherit it. If he knew it was going to be a risk, he should have priced it into his bid, or bought the franchise sans CSNH. If he didn't see it as a risk, then why should anyone sympathize with his poor business acumen?

farmstros said...

Good point about him not inheriting the network. I'm pretty sure he wasn't in Mr. McLane's will

Anonymous said...

Despite revenues being poor from CSN, they really need to stay with them. The Rockets season is about to start and they are a winning streak away from a deal being completed. This network has great content and I bet the Astros will be kicking themselves if they bail.