Houston Astros owner Drayton McLane has decided to put the team up for sale. After almost eighteen years as owner, McLane mentioned estate planning issues as one of the reasons he is now accepting offers for the sale of the franchise.
In 1992, McLane bought the Astros from John McMullen for $117 million. While McLane did not set an asking price, Forbes Magazine has valued the Astros at $451 million.
UPDATE: Houston Astros owner Drayton McLane announced that he has reached a definitive agreement to sell the team to a group led by Jim Crane for $680 million, which would be the second-highest price in major league history if approved by MLB.