McLane, Crane release joint statement

Astros owner Drayton McLane and Houston businessman Jim Crane released the following statement on Saturday:

 

We had many conversations and meetings working toward a deal for the Astros through October 2008.  Jim offered a fair price, but we were unable to reach agreement on other terms.

 

While we were both disappointed at the time, we have since moved forward.

 

Jim appreciates and respects Drayton’s commitment to Major League Baseball, and wishes Drayton continued success with the Astros.

 

Jim has been a highly successful businessman in Houston for many years, and Drayton appreciates and respects Jim’s interest in Major League Baseball.

 

Drayton supports Jim in his continuing pursuit of a Major League franchise.

 

A full story in the Houston Chronicle regarding the joint statement can be found here.

4 Comments

Have to wonder why they felt it was necessary to issue a joint statement. Still, I suppose it’s heart-warming to see a couple of high rollers who have such love and mutual respect for one another, especially during the holiday season!

Sounds like a load of nonsense to me. The reports I saw were that Crane chickened out when the economy went belly-up (and it has yet to impact Houston in a huge way I might add), and McLane was furious. No hard feelings my foot.

Why is any of this even news? It’s been released as though it were some sort of shocker. Drayton will sell the team when the price is right. He came very close to moving the team to another state when he saw the profit to be made. He’s not loyal to the team, it’s history, or this city. He’s a business man.

Allison: Yes ~$450 is roughly 4 times what he paid for it, but that was 17 years ago. You have to look at what kind of return he would get if he took that money and put it in something else; say stocks, mutual funds, bonds, CD’s (money CD’s not music)._______________________If I did my math right and you took $117 million and invested it 17years ago at 8% interest that would equate to a little over $430million. 8% a year for the past 17 years is not too bad of a return, especially in this economy. You also have to look at if he borrowed any money to buy this team which i’m assuming he did; atleast a little bit. So don’t just look at the dollar value look at the whole picture._____________Just my Humble opinion but I think the reason why he’s “shopping” the team around is, excluding this past year the team’s “worth” aka “dollar Value” has increased significantly over the past 17 years. You’re looking at the sucsess of the the Killer B’s in the 90′s and early 2000′s plus a few post season apperiances plus a world series apperience. So the per year dollar increase over the past 17 years has gone up but if you look into the crystall ball for the next couple years we’re not getting to the post season any time soon (min. of 2012). So the per year dollar increase is going to be less. Which means that 8% return every year for the past 17 years will go down, to maybe 6%. And 6% a year for a guy like drayton is not good, heck I can 6% and i’m broke.

_K

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