HOUSTON - Drayton McLane, who has owned the Houston Astros since 1992, has agreed to sell the club to Houston businessman Jim Crane, according to a report on MLB.com.
The website indicated the deal is being finalized and will take a little over a month to be approved by Major League Baseball, though the price of the transaction was not revealed.
McLane's tenure has been the most successful in the history of the club, which began life as the Houston Colt .45's in 1962. Since taking control of the team prior to the 1993 season, the Astros have amassed 14 winning seasons, claimed four NL Central titles (1997-99; 2001) and reached the postseason on six occasions (1997-99, 2001, 2004-05).
Houston also played in its first World Series in team history in 2005, but lost in a four-game sweep to the Chicago White Sox.
Under McLane's watch, the Astros moved from the once-mighty Astrodome into a downtown stadium -- now known as Minute Maid Park -- which the club has called home since 2000.
Crane is the chief executive officer and founder of Houston-based Crane Capital Group.