Agreement reached on sale of Astros

HOUSTON, May 16 (UPI) -- A deal has been struck to make a group led by businessman Jim Crane the new owners of the Houston Astros, current owner Drayton McLane confirmed Monday.

"Thank you to Drayton and my partners for making this day possible," Crane said.

The sale, which must be approved by Major League Baseball, is for $680 million, the Houston Chronicle reported.

McLane bought the Astros for $117 million in 1992. Under his ownership, the Astros had 14 winning seasons with four National League Central titles (1997-99; 2001). They reached the post-season six times (1997-99, 2001, 2004-05), reaching the World Series in 2005 where they were swept by the Chicago White Sox.

"Our family has been proud to be a part of the Astros for the past 19 years," McLane said. "We have had the opportunity to meet so many wonderful fans and experience many special moments."

Crane is chief executive officer and founder of Crane Capital Group in Houston.

It's been six months since McLane and investment banker Steve Greenberg announced the Astros are for sale.